US-based financing and expense management platform Exponent has secured a combined $40 million in a mix of equity and debt. 

Founded in 2023, Exponent provides multi-location franchise operators, like quick service restaurants (QSRs), with automated spend management, flexible financing solutions and industry-specific credit cards. Utilising these tools enables franchisees to earn cashback, quicker access to capital and visibility into their financial health. Major QSRs that have partnered with Exponent include Burger King, Baskin-Robbins, and Del Taco.

Of the latest injection of capital, $10 million is equity. This is split between Exponent’s seed round, which raised $2.5 million, and its $7.5 million Series A fundraise. Announcing the two rounds together, Exponent reveals that Era led its seed raise, while Chailease led the Series A. Other notable backers include Inauguration Capital, K8, and NBA Star Kyle Kuzma.

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The remaining $30 million is made up of committed credit facilities, including a $20 million revolving credit facility from Jovian Capital Management previously announced in February. In a statement, Exponent reveals it plans to secure additional equity and debt in the coming quarters, noting that these commitments are “in late-stage diligence”.

The firm aims to use the newly acquired capital to fund new hires as well as onboard new brands and operators.