Congratulating Surf Air on their NYSE listing

Yesterday we were thrilled to stand alongside Surf Air Mobility as they debuted on the NYSE as a publicly traded company. The story of PFG and Surf Air dates back over six years and we were incredibly proud to join them at Surf Air’s public listing. 

When we met Co-founder & CEO Sudhin Shahani and his team in Los Angeles, we recognized a dynamic founder and visionary leader who had scaled the Surf Air business and had ambitions to advance the next generation of air travel. PFG was among the early institutional capital partners for the company when we closed our first financing in 2017. While Surf Air had demonstrated rapid growth and built a disruptive travel business of scale, the company wasn’t a natural match for commercial banks. Following PFG’s initial and subsequent financing, Surf Air was able to further invest in market development and product enhancements, instrumental building blocks for the growth of their network.

Yesterday’s listing marks an important step forward in the company’s journey. Surf Air completed their merger with Southern Airways and achieved a pivotal outcome to advance key business partnerships as they look to unlock the next stages of their growth. We are excited to continue to support Surf Air’s mission to bring green regional air mobility to market at scale with electrified aircraft to sustainably connect communities and lower the costs of regional air travel.

We were proud to stand beside Sudhin and Surf Air yesterday and are humbled by the invitation to join them on the platform. For a company to extend this invitation to their senior creditor shows that we’re more than a lender, we’re a partner for growth. We could not be more appreciative of that gesture, and we look forward to what is to come for Surf Air and its visionary leaders.

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30+ Year Global Strategic Partner

SVB is a leading American bank providing products, services and strategic advice for businesses at every stage. They operate as a go-to commercial bank for start-ups and established corporations, offering venture funding, private banking & wealth advising. SVB is the largest lender to technology companies globally.

SVB has built its reputation as the financial partner of the innovation economy – helping individuals, investors and the world’s most innovative companies achieve extraordinary outcomes.
PFG and SVB have maintained an official strategic partnership since the late 1980’s. We have collaborated together as co-lenders and extended each other's ability to reach new markets and provide deeper capital to high-growth companies.

PFG and SVB have provided growth debt across the U.S. & Canada, Europe, Middle East, Asia, and Latin America, where we co-manage a Venture Debt Latin America Growth Lending Fund.

IFC logo

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.

PFG and IFC are strategic partners where we extend IFC’s direct venture and VC funding, collaborating on fintech and tech lending across global growth markets.

10+ Year Global Strategic Partner

Aims to be the partner of choice for the private sector in Latin America and the Caribbean. They finance projects to advance clean energy, modernize agriculture, strengthen transportation systems and expand access to financing.

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in asset management and 347 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

PFG leads a joint venture with IDB Invest that provides debt capital to emerging innovative tech companies across the region via our Latin America Growth Lending Fund. The initiative brings investment expertise into LAC from top notch global players in this field.