WebBank Makes a Strategic Investment in FinTech Platform iCreditWorks |
WebBank, a Utah-chartered industrial bank, makes a strategic investment in iCreditWorks at a $200 million valuation to support the Platform’s continued commercial growth
ISELIN, N.J., June 13, 2022 /PRNewswire/ — iCreditWorks, one of the fastest-growing FinTech platforms in the United States, announced today it has accepted a strategic investment from WebBank at a $200M valuation. The investment will allow iCreditWorks to accelerate the commercial growth of its omni-channel platform, which features the first-in-market, native mobile App within the “Point-Of-Sale” (POS) sector.
“We continue to expand our relationship with WebBank to ensure our alignment and to fuel our mission to reimagine POS financing,” said Stephen E. Sweeney, Chairman and Founder of iCreditWorks. “WebBank’s support of our vision is testimony to the iCreditWorks omni-channel platform offering and its unique position in the marketplace.”
iCreditWorks believes in responsible lending and only offering access to affordable financing options* that allow consumers to receive the care they deserve.
“We made this investment in iCreditWorks to support the vision and innovation of their Platform,” said Jason Lloyd, President & CEO of WebBank. “We are excited to expand and grow our relationship with iCreditWorks and look forward to our mutual success.”
iCreditWorks, represented by Truist Financial, is in the midst of a capital raise at a $200 million valuation to fuel its continued growth in the dental sector and expansion into new verticals.
* All loans issued by WebBank.
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $150 billion in consumer and commercial credit products. As “The Bank Behind the Brand®“, WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more. The Bank provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com.
iCreditWorks leverages innovative technology and mobility to deliver an omnichannel platform experience that provides access to a broad suite of “Point-Of-Sale” (POS) financing products, empowering consumers to take control of their financing. The first-of-its-kind iCreditWorks native mobile App delivers a simple, seamless, and secure financing experience that redefines the consumer journey.
To learn more about the Company, please visit www.icreditworks.com.
SVP – Professional Affairs
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