iCreditWorks raises $60M, led by Comvest Partners and Barings with follow-on investment from RedBird Capital, to expand its omni-channel PaaS and reinvent POS financing.
iCreditWorks, one of the fastest-growing FinTech platforms in the United States, announced the completion of its latest capital raise. The Company raised $60M, led by $25M investments from both Comvest Partners, a private equity and credit investment firm, and Barings, a $442B global investment management firm. RedBird Capital, the Company’s largest outside investor, joined Comvest and Barings with a follow-on investment of $10M, a testament to their conviction in iCreditWorks’ trajectory and its future. The new funding allows for accelerated growth and ensures the Company is well capitalized for the future.
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“We welcome Comvest Partners, Barings, and once again thank RedBird for their ongoing support. iCreditWorks will continue to execute its product roadmap, focus on PaaS automation, and integrate new capabilities that make the iCreditWorks App and omni-channel platform even more intuitive and powerful,” said Stephen E. Sweeney, iCreditWorks’ Chairman and Founder.
iCreditWorks has developed a highly configurable and modular Platform-as-a-Service (PaaS) solution that empowers its partners (leading financial institutions, enterprise networks, and large brands) to rapidly deploy embedded POS lending solutions with integrated payment technologies that meet consumers where they live—significantly decreasing time to market while eliminating cost and challenges facing those industries today. iCreditWorks’ digital payments infrastructure, which includes the rapid issuance of an in-App “Tap to Pay” virtual card, offers a seamless and flexible payment experience to consumers and merchants alike.
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“We are excited to lead iCreditWorks’ capital raise,” said Charles Asfour, Partner at Comvest Partners. “We believe the Company’s highly compelling value proposition and attractive growth prospects make for a great addition to our opportunistic credit portfolio. We look forward to contributing to the Company’s ongoing success with both capital and other value-added resources going forward.”
Barings similarly embraced iCreditWorks’ Platform through its participation in the raise.
Michael Searles, Head of North America, Capital Solutions for Barings added, “We are excited to back the iCreditWorks Platform and look forward to working with the team to support the Company’s expansion.“
Mike Zabik, a Partner at RedBird Capital, will remain a Board Director since leading the prior capital raise; Charles Asfour and Micheal Searles will join as Observers to the iCreditWorks Board.
“Once again, RedBird Capital is excited to back iCreditWorks,” said Zabik, “and continue pushing their strategic edge in their next stage of growth.”
iCreditWorks will leverage these investments to fuel the continued expansion of its omni-channel PaaS platform into other business verticals (e.g., healthcare, SMB equipment, home improvement, etc.) and drive its commercial growth through new PaaS partnerships.
*All loans issued by WebBank.
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About iCreditWorks
iCreditWorks leverages innovative technology and mobility to deliver an omni-channel platform experience that provides access to a broad suite of “Point-Of-Sale” (POS) financing products, empowering consumers to take control of their financing.* The first-of-its-kind iCreditWorks native mobile App delivers a simple, seamless, and secure financing experience that redefines the consumer journey.
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Source – PR Newswire
