US-based financial technology platform iCreditWorks has secured $60m in a financing round, led by Comvest Partners and Barings, each contributing $25m.
iCreditWorks’ largest external investor, RedBird Capital, has participated in the financing round, with an additional $10m.
The company will use the capital raised to support the growth of its platform-as-a-service (PaaS) solution and back its future ventures.
The platform will empower partners, including financial institutions and large brands, to quickly deploy embedded point-of-sale (POS) lending solutions.
The approach will reduce time to market and address existing industry challenges.
iCreditWorks’ founder and chairman Stephen Sweeney said: “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.”
iCreditWorks’ digital payments infrastructure features the rapid issuance of an in-app “Tap to Pay” virtual card, simplifying the payment experience for both consumers and merchants.
Barings, a global investment management firm, has shown strong support for the platform through its participation in the funding round.
As part of the transaction, Mike Zabik from RedBird Capital will continue as a Board Director, while Charles Asfour and Micheal Searles will join as Observers on the iCreditWorks Board.
Zabik added: “Once again, RedBird Capital is excited to back iCreditWorks and continue pushing their strategic edge in their next stage of growth.”
Barings North America capital solutions head Michael Searles said: “We are excited to back the iCreditWorks Platform and look forward to working with the team to support the company’s expansion.”
The company plans to utilise the new investments to expand its omni-channel PaaS platform into various business sectors, such as healthcare, SMB equipment, and home improvement.
iCreditWorks continues to leverage advanced technology and mobility to offer a comprehensive suite of POS financing products.
Its advanced mobile app provides a simple, seamless, and secure financing experience.
Comvest Partners partner Charles Asfour said: “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.”
