Bridge Spins Out of Citi, With Citi Staying On as an Investor

Bridge co-founders Rohit Mathur and Harte Thompson, who spent a combined 20 years at Citi, lead the company as Chief Executive Officer and Chief Operating Officer. Tasnim Ghiawadwala, Global Head of Citi Commercial Bank, joins the Board of Directors.

What Citi’s backing means

Citi did not sell Bridge and walk away. It put money into the company that now owns Bridge, it took a board seat, and it committed to continued support, including ongoing connectivity with Citi’s Diverse Financial Institutions Group. Citi joins TTV Capital, US Bank and Correlation Ventures on the cap table.

For borrowers, the practical takeaway is simple. The team, the technology and the underwriting discipline that Citi developed inside the bank are intact, and the institution that built them is still invested in the outcome.

Where Bridge came from

Citi launched Bridge in 2021 as part of its long-standing commitment to inclusive access to capital and to digital-first solutions in financial services. The thesis was that many growing businesses, especially those outside the traditional banking footprint, were underserved by a lending process that had not changed in decades. Bridge was built to fix the process, not just add another lender to it.

Along the way, Bridge established relationships with large retail corporations so their supplier bases could reach financing through a dedicated channel. The Walmart supplier program, introduced in early 2023, is one example of that work and continues under Bridge.

What Citi and Foro said

Emily Turner, Head of Business Development for Citi’s Institutional Clients Group, framed Bridge as proof of Citi’s innovation strategy: a global bank identified a market problem, built a product to address it, and is now investing in that product’s next chapter because it has confidence in where the platform is headed.

David Vorhoff, Chairman of Foro, said the firm was impressed by what Rohit and Harte built at Citi, welcomed Citi as an investor and Tasnim to the board, and looks forward to seeing the combined company grow under Rohit’s leadership.

“We built Bridge inside Citi to make commercial lending faster and more transparent for the businesses that need it most. Spinning out gives us the speed of an independent company, and keeping Citi as an investor gives us the credibility and relationships of the institution that built us. That combination is why we did this deal.”

Rohit Mathur, CEO, Bridge

What changes for customers

Day to day, very little. Existing relationships, applications and partner programs carry forward. The brand drops the “built by Citi” tag over time and becomes simply Bridge. The company is headquartered in New York under the leadership of the team that founded it.

Citi’s role going forward is that of an investor and strategic supporter. Citi does not make or influence credit decisions at Bridge.

About Bridge

Bridge is a commercial lending company founded inside Citi in 2021 and spun out in 2023 with Citi as an investor. Bridge finances hotels and consumer product brands, including the production and purchase order needs of suppliers to major retailers. Bridge is a brand of Foro Holdings, Inc. NMLS ID 2566783. All financing is subject to application, credit review, underwriting, approvals and definitive documentation.