FaaStrak Launches Alternative Financial Products Division
JUN 10, 2019 - 7:05 am
Automated business financing company FaaStrak released FaaSfunds, a new division of the company focused on alternative financial products for businesses, and an updated version of their flagship technology platform ahead of the company’s participation in London Tech Week.
FaaSfunds has a singular vision to “help business owners focus on what they do best: run their business,” said CEO Ken Brokaw. “It is impossible to focus on running your day to day operations while worrying about working capital. Our mission is simple: we want to help businesses make informed decisions and give them the best financial options based on their unique credit and cash flow situation(s).”
The process takes less than 30 seconds to start. From there, a company will be matched with a funding specialist at 100% no cost to the business. FaaSfunds prides itself on assisting with all situations and needs —from startups to Fortune 500 companies —ranging from bad to excellent credit. FaaSfunds currently has nine funding products available for its customers including lines of credit, equipment financing, working capital loans, SBA loans, business credit cards and more.
“Business credit is complex and difficult to manage,” said Brokaw. “FaaSfunds and our team of qualified credit specialists make it easy for businesses to get the help and resources they need to succeed.”
Access to the free FaaSfunds portal allows business owners to get a glimpse into their business/personal credit and gain insights on where and what they need to improve. The paid version acts as a credit monitoring service along with tracking each financial product associated with that business. Both versions recommend financial products tailored to meet the business’s needs.
FaaStrak version 2.0 has been redesigned from the ground up using design thinking techniques and direct customer feedback.
“We wanted to reinforce our commitment to empowering businesses by building an intuitive, simple and fast tool, making an already groundbreaking platform next-level,” said Stefan Friend, head of Product Development. “Businesses of all sizes struggle with access to financial resources, and FaaStrak is here to help.”
The revamped FaaStrak 2.0 platform has been built to make managing the entire credit application process —from submission to funding —transparent and easy to navigate. Businesses, both equipment sellers and applicants, have access to an application tracker that efficiently moves it along the process.
Since launching in April 2018, FaaStrak has closed over $4 million in lease volume within the micro-ticket segment alone. This $4 million in lease volume includes more than 500 funded applications and represents FaaStrak’s growth of over 1500% in less than 14 months. They have also raised two rounds of funding which include investors Ubiquiti Networks, Stacked Capital, and advisory board member John F. Brock III. FaaStrak is on pace to hit $10 million in 2019.
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