National Funding, one of the largest private fintech lenders of small and medium-sized business loans, announced it has purchased QuickBridge, a leading alternative financial services firm offering working capital to small businesses (SMB) nationwide.
The move bolsters both companies by combining back-end resources, including advanced technology, innovation and product development, the company said. Both companies will continue to operate independently.
National Funding's acquisition of QuickBridge will 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," said 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 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 U.S. small business loans (25 percent) to the tune of approximately $31 billion.
National Funding separately announced that Justin Thompson, who previously was Executive Vice President of Sales has been elevated to Chief Revenue Officer. This expanded role will now include responsibilities of developing the new Strategic Partnership vertical, in addition to his previous management of a 100-person sales division that is comprised of Direct Sales, Renewal Sales, Broker Sales, and Equipment Financing.
"On the heels of our acquisition of QuickBridge, and the explosive profitable growth of National Funding, this is a great time to expand our offerings to clients with new products and solutions," Gilbert said. "Justin has led sales since 2012 through the biggest growth period in our 20-year history. I am thrilled for him to continue building on this strong record."
Thompson has been a driving force during National Funding's strong growth trajectory over the past six years.
"I have never been more excited about the future of National Funding as I am now," said Thompson. "The acquisition of QuickBridge, expansion of our strategic partnership channel and the ever-improving performance of National Funding, we have a lot to offer our customers and brokers—making us an important resource for small and medium-sized businesses nationwide."
In addition to Thompson's promotion, National Funding has made two key additions to support the growth of Strategic Partnership.
Jason Osiecki, previously Head of Sales for QuickBridge, has been named Vice President, Strategic Partnership for National Funding. Osiecki has a proven successful track record and deep relationships in the broker market. He will drive growth opportunities in merchant processing, leasing, B2C, Lender Decline and other key markets.
The company also has appointed Kevin Kane as Director of Business Alliance. He will manage day-to-day relationships with brokers across the country.