Citi has just revealed its latest round of funding of Chicago-based Caterpillar.
It was the company’s first round of new financing since it took the $1.5 billion it took out in 2009.
The investment is worth $300.2 million, according to the firm.
“We are excited to partner with Caterpillar on our shared mission to enable innovation and bring the power of smart finance to millions of consumers, small businesses and consumers with low and moderate incomes across the U.S.,” CEO Steve Rattner said in a statement.
“Caterpillar has a great track record in helping customers and businesses achieve financial sustainability through innovation and technology, and our partnership with Citi will further accelerate the company and our customers’ transformation to a sustainable and connected economy.”
The company was founded in 1939.
The Chicago-born company has been in the financial services business for more than 50 years.
Citi acquired Caterpillar in 2018.
Citing a new wave of financial and business disruption, the Chicago Fed announced it was launching a $5 billion bond-buying program that would offer financial services to the economy at low rates of interest and a cash rate of 0.25 percent.