New York, NY – June 16, 2015
Today, RetailCapital, an emerging financial technology small business lending platform, announced its re-brand as Credibly,along with the establishment of a credit facility with three participating banks – AloStar Bank of Commerce, WebBank and CapitalSource, a division of Pacific Western Bank. This facilitates Credibly’s launch of a Small Business Loan, enabling the company to further fulfill its mission: to provide a full range of lending solutions and capital to small and medium-sized businesses, regardless of where they are situated on the credit spectrum and business life cycle.
Through serving thousands of small and medium-sized businesses in the United States, the 88-person growth-stage company founded in 2010 has doubled in revenue and originations each year. In August 2014, to accelerate growth, the company received a significant equity commitment from Flexpoint Ford, the Chicago-based private equity investment firm with $1.5 billion under management.
“The RetailCapital brand, along with our financial partnerships, established the foundation of our company and facilitated our expansion during the first few years in business. As our operation continues to grow, so too does our vision and promise to our customers,” said Glenn Goldman, CEO of Credibly. “Today is an incredibly exciting day for our company and our customers.As Credibly, we’ll continue to be a partner to our customers, while providing access to additional funding options, through a simple and intuitive experience across all of our channels.”
Along with the newly minted name, today Credibly has launched its new digital presence, credibly.com. Recognizing that many business owners are often on the go, the site is optimized for mobile devices. Additionally, the company released in.credibly.com, an education resource to help owners and operators grow and scale at every stage of their business.
As part of an expanding suite of lending products, the new Credibly Small Business Loan provides capital for businesses to grow, while delivering the flexibility and choice of daily, weekly or monthly payments. The Small Business Loan is the newest product available through Credibly, developed using the application of dynamic design to optimize for features such as amount, duration, drawdown frequency and payback frequency. These features are specifically designed with the growth objectives of Credibly’s customers in mind, and their ability to lower their cost of capital over time.
The Small Business Loan is made by WebBank, a Utah-based industrial bank, who has partnered with Credibly, while the joint AloStar Bank of Commerce, WebBank and CapitalSource credit facility significantly increases the capacity for Credibly to lend to businesses throughout the United States. The on-balance sheet capacity complements the marketplace whole loan sale program.
“Most platforms offer one product aimed at a narrow slice of the market. At Credibly, we are taking a holistic view and believe that every business has the right to capital,” continued Goldman. “The launch of the Small Business Loan serves as just the initial proof point demonstrating our dedication to delivering right-sized capital through a robust set of credit products for small businesses throughout their lifecycle. It’s because of these bank relationships that we can say ‘yes’ more often to a wider variety of businesses so that new ideas and innovation can flourish in small business America.”
Credibly (formerly “RetailCapital LLC”) is an emerging financial technology platform that leverages data science and analytics to improve the speed, cost and choice of capital available to all small businesses — when, where and how they choose to access it. The company, with offices in New York, Michigan, Arizona and Massachusetts, is dedicated to creating a better user experience that includes satisfying the needs of all small and medium-sized businesses throughout their lifecycle, regardless of product need or credit profile. Credibly’s innovative technology platform, which considers a business’s total health, has provided access to $150 million in funding to thousands of small businesses in all 50 of the United States. To learn more, visit www.credibly.com.