National Funding Acquires QuickBridge
Top Ten Private Fintech Lender Buys Fast-Growing Alternative Lender; Combined Entity Creates Powerhouse Lending Operation
SAN DIEGO, Oct. 2, 2018 /PRNewswire/ -- National Funding, one of the largest private fintech lenders of small and medium-sized business loans, announced today that the company has purchased QuickBridge, a leading alternative financial services firm offering working capital to small businesses (SMB) nationwide. Today's announcement bolsters both companies by combining back-end resources, including advanced technology, innovation and product development. Both companies will continue to operate independently.
National Funding's acquisition of QuickBridge will also help further fuel the company's growth. 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, which has been recognized in recent years for its rapid rise, including year-over-year double or triple digit percentage growth, remains one of the top alternative lenders in the nation, having deployed more than $500 million in working capital to SMBs. Combining the robust technology of QuickBridge with National Funding's leading sales and customer service, creates a complimentary, powerhouse lending operation.
"QuickBridge's goal has been to provide a strong tech-driven solution to the Main Street capital needs of American businesses," stated Dave Gilbert, founder and chief executive officer, 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 Dave Gilbert to further accelerate both company's 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 account for a growing share of US small business loans (25%) to the tune of approximately $31B.
For more information on National Funding please visit www.nationalfunding.com
About National Funding
Founded in 1999, National Funding is one of the country's leading financial technology companies for small and medium-sized businesses, providing working capital loans and equipment financing. The company believes in American small business owners, and strives to provide fast turnaround, flexible solutions and great service to all its customers and clients in a diverse range of industries including: construction, excavation, manufacturing, retail, packaging, printing, restaurant, telecommunications, trucking, transportation, and waste management, among others. National Funding was recognized on the Inc. 500|5000 list for the past six years, as well as placing on San Diego Business Journal's Fastest Growing Companies list for the past six years.
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SOURCE National Funding
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