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§ Private Profile · San Francisco, CA, USA
Financial technology company providing specialized lending and financing solutions for franchise businesses to secure capital.
ApplePie Capital has raised $266.8M across 7 funding rounds.
Key people at ApplePie Capital.
ApplePie Capital was founded in 2014 by Joel Hornstein (Co-Founder).
ApplePie Capital has raised $266.8M in total across 7 funding rounds.
San Francisco, California-based ApplePie Capital is a financial technology company that provides specialized lending and fixed-income financing solutions specifically designed for franchise businesses. The firm facilitates capital access for franchisees seeking to open new locations, acquire existing operations, remodel facilities, or refinance debt by selling originated loans to institutional investors and partner banks. Operating across the United States, the platform has partnered with approximately 60 franchise brands, including Donatos Pizza and Checkers & Rally's, to service their expanding franchisee networks. To date, the company has facilitated over $1.6 billion in total franchise loan originations and secured more than $45 million in equity funding alongside hundreds of millions in debt capital facilities. Backed by institutional investors such as QED Investors, Fifth Third Capital, and TowerBrook Capital Partners, ApplePie Capital was founded in 2013 by Denise Thomas.
ApplePie Capital has raised $266.8M across 7 funding rounds. Most recently, it raised $6.5M Series C in October 2021.
Key people at ApplePie Capital.
ApplePie Capital is a fintech company founded in 2014 that specializes in franchise financing, providing tailored loans and capital solutions exclusively to single- and multi-unit franchisees and franchisors across various industries.[1][2][3] Its mission is to simplify access to capital, accelerate franchise growth, and fuel economic expansion by connecting franchise businesses with SBA loans, conventional loans, equipment financing, and proprietary products like ApplePie Core, which enables faster unit openings without personal collateral.[1][3][4] With over $3 billion in loans originated to franchisees from 200+ brands and partnerships with 100+ franchise brands, ApplePie demonstrates strong impact on the franchise ecosystem through high customer satisfaction (NPS of 83 vs. industry average of 34), a 30% repeat borrower rate, and expert-led support that streamlines expansion even in uncertain economies.[2][3]
ApplePie Capital was founded in 2014 in San Francisco, California, by Denise Thomas, who serves as CEO and cofounder, alongside early backing from investors like QED Investors and champion Frank Rotman.[1][2] The company emerged to address inefficiencies in franchise financing—a $130 billion annual debt market—by creating an online lending platform that originates loans to entrepreneurs backed by proven franchise brands, bypassing traditional barriers through a robust lender network and pass-through model.[2][4] Key early traction included rapid loan origination exceeding $1.4 billion since 2015 (now over $3 billion), partnerships with 60+ brands initially growing to 100+, and recognition as a preferred lender, evolving from brokerage services to proprietary branded loans and automated investor platforms.[1][2][3][5]
ApplePie Capital rides the fintech disruption in small business lending, targeting the massive $130 billion franchise debt market amid rising demand for scalable economic engines like franchising, which drives jobs and local growth.[2] Timing aligns with post-pandemic franchise booms and economic uncertainty, where traditional banks falter on speed and specialization, allowing ApplePie's online platform and lender network to fill gaps with efficient, relationship-driven capital.[1][3] It influences the ecosystem by empowering multi-unit operators (e.g., cases like Capriotti’s owners scaling to 5 units with $2.5M revenue), boosting brand expansion, and attracting investors to franchise debt as a high-yield, diversified alternative to broader fintech lending trends.[2][3]
ApplePie Capital is poised for further scale through its automated investing platform and expanding brand partnerships, potentially surpassing $5B in loans as franchise resilience outpaces retail volatility.[2][3][5] Trends like AI-driven underwriting, deeper SBA integrations, and economic recovery will shape its path, enhancing speed and reach while maintaining high NPS edges. Its influence may evolve toward IPO readiness as a fintech leader in niche lending, solidifying franchises as a cornerstone of entrepreneurial growth and investor portfolios—simplifying capital access as pie for empire builders.[7]
ApplePie Capital was founded in 2014 by Joel Hornstein (Co-Founder).
ApplePie Capital has raised $266.8M in total across 7 funding rounds.
ApplePie Capital's investors include Albert Crawford, JM Family Enterprises, Vanessa Indriolo Vreeland, Frank Rotman, Ron Suber, Colchis Capital, Freestyle Capital, Signia Venture Partners, TowerBrook Capital Partners, Truist Ventures, David Ibnale, Broadway Angels.
