Fintech lender National Funding purchased QuickBridge, a leading alternative financial services firm offering working capital to small businesses nationwide.
The acquisition will bolster both companies by combining back-end resources, including advanced technology, innovation and product development. Both companies will continue to operate independently.
Collectively, the companies have provided more than $3 billion in financing to small and mid-sized businesses, and overall loan volume will exceed $600 million in 2018. QuickBridge remains one of the top alternative lenders in the nation, having deployed more than $500 million in working capital to small businesses.
“QuickBridge’s goal has been to provide a strong tech-driven solution to the Main Street capital needs of American businesses,” said Dave Gilbert, founder and CEO, National Funding. “Now, seven years down the road, QuickBridge has grown into one of the leading alternative lenders in the nation. Combining QuickBridge’s success with National Funding’s proven industry-leading track record strongly positions us for even greater profitability as a combined entity.”
Ben Gold, founding president of QuickBridge, will remain in his current post and work closely with Gilbert to further accelerate the companies’ strong growth trajectory. National Funding’s executive leadership team will remain in place, and both National Funding and QuickBridge will work closely to leverage key resources and learnings to achieve maximum results.
The deal comes during the rapid rise of fintech firms grabbing an increasingly larger share of the business lending market. Fintech firms currently account for 25% of U.S. small business loans to the tune of approximately $31B.
Founded in 1999, National Funding provides working capital loans and equipment financing to small and medium-sized businesses and has been recognized on the Inc. 500|5000 list for the past six years.
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