What happened in Delaware this week?

Mid-March already? Here's what you need to know as we head through the last weeks of Q1.

The big local tech news this week is all about Wilmington fintech company Marlette Funding, best known for its machine learning-powered Best Egg platform. Today, the company announced that it has secured $225 million in committed preferred equity capital. The Series E round was led by the Healthcare of Ontario Pension Plan, which manages over $80 billion in assets, with participation from investment funds advised by Davidson Kempner Capital Management LP, as well as a large international bank.

Best Egg, which recently launched Best Egg Visa Credit Card and its financial wellness tool Best Egg Financial Health, reported a record-breaking year in 2021, with $300 million in revenue and $4.6 billion of personal loans facilitated.

You may also remember Marlette as the company that built its current state-of-the-art headquarters in North Wilmington's Concord Plaza during the height of the COVID-19 pandemic, leading to some of its innovative features and policies, including hotel desks for employees who opt to work primarily or partially from home.

Marlette also recently announced several management changes, including the appointment of Jason Swift as president of Best Egg credit card services, which aims to provide access to credit for Americans with little or no savings.

“This capital raise allows us to fund our growing credit card business, explore expansions to our platform and evaluate additional strategic opportunities to create more value for our target consumer,” said Andrew Deringer, chief capital officer of Marlette, in a statement.