Accord Financial Corp., one of the U.S. and Canada’s leading independent commercial finance companies ("Accord") (TSX: ACD) has expanded their Canadian Asset Based Finance/Factoring senior management team to include Karim Habib as Managing Director, Business Development Ontario and Western Canada. His responsibilities will include expanding Accord’s brand presence as well as developing long-term business growth strategies. 

It’s only a matter of time before SaaS lending enters mainstream ABL.  Lending to SaaS, which stands for Software as a Service, differs from traditional software in that it is deployed and made accessible to users over the internet (or in the “Cloud”), and is going to be the next ABL battleground.  Today it remains a niche lending vertical conducted mostly by tech-focused banks and nonbank credit funds.  However, this is going to change meaningfully as the SaaS industry continues to mature. There are an estimated 10,000 private SaaS companies, the vast majority of which are early stage, generating less than $3 million in annual revenue.  To put this in perspective, companies such as the wildly popular Zoom and workforce tool Slack utilize SaaS models.  The U.S. economy is well into a transformational period where many business tools are moving to the cloud.