iCreditWorks, which is one of the fastest-growing FinTech platforms in the US, announced the completion of a new funding round. The company raised $60 million, led by $25 million in investments from Comvest Partners and Barings. RedBird Capital joined Comvest and Barings with a follow-on investment of $10 million. This new funding enables accelerated growth and ensures the Company is well capitalized for the future.
iCreditWorks developed a highly configurable and modular Platform-as-a-Service (PaaS) solution that enables 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.
iCreditWorks will utilize these investments to fuel the continued expansion of its omni-channel PaaS platform into other business verticals like healthcare, SMB equipment, home improvement, etc. and drive its commercial growth through new PaaS partnerships.
Board member info: Mike Zabik (a partner at RedBird Capital) will remain a Board Director since leading the prior capital raise; Charles Asfour and Michael Searles will join as Observers to the iCreditWorks Board.
KEY QUOTES:
“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.”
– Stephen E. Sweeney, iCreditWorks’ Chairman and Founder
“We are excited to lead iCreditWorks’ capital raise. 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.”
– Charles Asfour, Partner at Comvest Partners
“We are excited to back the iCreditWorks Platform and look forward to working with the team to support the Company’s expansion.”
– Michael Searles, Head of North America, Capital Solutions for Barings
“Once again, RedBird Capital is excited to back iCreditWorks and continue pushing their strategic edge in their next stage of growth.”
– Mike Zabik
