Thursday, April 2, 2020

QUID Offers Cash Advance To Pre-IPO Employees During Pandemic

Santa Monica-based fintech startup Quid says it is offering up a way for users of pre-IPO companies who are in need of cash, or who have just been laid off, allowing them to access as much as 30% of the cash value of their private shares. According to the company, it charges 7 percent fix interest plus other fees to those employees for a cash advance. The company said it has been working with employees of such pre-IPO technology companies like Uber, Airbnb, Lyft, and Flexport. Quid claims its model is "designed to provide individuals immediate cash resources while allowing their equity value to continue growing with the company." The company says it is managed by Troy Capital Holdings Group and backed by Oaktree Capital. The company is led by Josh Berman.