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Peer Fund / Dealmaker·Specialty Finance

Steven Lambe

Managing Director, Asset Based Lending at Trinity Capital Inc.

San Francisco, CA

SL
LinkedIn
Why they matter

He originates and structures Trinity Capital's asset-based credit deals for fintech/VC-backed companies, making him a direct line into non-dilutive financing decisions.

Background

Steven Lambe is Managing Director, Asset Based Lending at Trinity Capital Inc. (Nasdaq: TRIN), where he sources and structures asset-based credit facilities for fintech and venture-backed companies and cultivates relationships across the VC ecosystem. Before Trinity he worked at Sprouts Farmers Market evaluating M&A opportunities and multi-year organic growth plans for the CFO. He holds a Master of Finance from Hult International Business School (London) and a B.S. in Business Administration and Finance from the University of Arizona.

Notable deals

  • 2025
    Led Trinity Capital's up-to-$40M asset-based credit facility for Alt Platform Inc. (trading card marketplace) to fund larger loans and faster cash advances
  • 2025
    Anchored an accordion credit facility unlocking up to $25M for Thrivory to power its real-time healthcare claims payment product
  • 2025
    Participated for Trinity Capital in Mesa's $24M strategic funding round alongside Lowe's and Paramount Residential Mortgage Group

Call-prep brief

Background

  • Managing Director, Asset Based Lending at Trinity Capital Inc. (Nasdaq: TRIN), a publicly traded venture debt/BDC platform
  • Prior experience at Sprouts Farmers Market on M&A evaluation and organic growth planning for the CFO
  • Master of Finance, Hult International Business School (London); B.S. Finance, University of Arizona
  • Based in San Francisco, close to the fintech/VC deal flow he sources from

Current focus

  • Structuring asset-based (warehouse/accordion) credit facilities for fintech and VC-backed platforms — recent deals span collectibles marketplaces (Alt), healthcare payments (Thrivory), and proptech/mortgage rewards (Mesa)
  • Building relationships across the VC ecosystem to originate new facilities rather than just underwriting inbound requests

What he cares about

  • Companies with a clear, scalable working-capital or receivables model that can support asset-based structures without personal guarantees
  • Partnering during periods of "significant growth" — his public quotes consistently frame deals around scaling and market expansion

Recent moves

  • Three asset-based facilities closed in 2025 (Alt Platform $40M, Mesa $24M round participation, Thrivory $25M accordion facility) — a notably active year suggesting Trinity is scaling this book

Sensitivities

  • Speaks on the record for Trinity in press releases, so he is comfortable with public deal attribution — but confirm what's public vs. confidential before referencing specific portfolio company terms
  • As a public BDC, Trinity has disclosure constraints around forward-looking commitments

Questions to ask

  1. How does Trinity underwrite asset-based facilities differently for pre-profitability fintech vs. more established borrowers?
  2. What's driving the acceleration in facility volume through 2025, and is asset-based lending growing as a share of Trinity's book?
  3. What characteristics make a venture-backed company a good fit for asset-based debt versus equity or traditional venture debt?

Outreach draft

Subject
Quick question on asset-based lending at Trinity
Hi Steven, I've been following Trinity Capital's asset-based lending activity this year — the Alt Platform, Mesa, and Thrivory facilities all stood out as a nice cross-section of fintech and healthcare-payments credit structures. I'm part of a deal team evaluating asset-based and venture-debt financing options for a portfolio company in the specialty finance space, and your perspective on how Trinity structures and underwrites these facilities would be really valuable. Would you have 20 minutes in the next couple of weeks for a call? Happy to work around your schedule. Best, [Placeholder Name]

Linked companies

Sources