PA-based LoanStar Technologies secures $28million in funding. Among the backers were Ben Franklin Technology Partners of Southeastern Pennsylvania, Sageview Capital, Launch Credit Union, TruMark Financial Credit Union, and Monarch Strategic Advisors.
The investment, which closed in January, is expected to be used by the company for the following purposes: strengthening its balance sheet in anticipation of future growth opportunities; expanding its sales and marketing organization; and continuing to invest in its market-leading technology platform and strategic partnerships.
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It plans to close on the remaining sum—roughly $16 million—during the next two months. This money will be utilized to buy back the company’s early investors’ shares.
LoanStar is a financial technology company that specializes in integrated loan services. It is run by CEO Andy Turner and CIO Craig Haynes. Through its MerchantLinQ platform, which gives lenders control over loan underwriting and branded products, lenders may offer fast point-of-sale financing through local merchants.
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Through embedded lending and point-of-sale financing, the company helps merchants and lenders enhance their reputation, boost their clientele, and spur the development of new businesses.
Andy Turner said: “We are beyond excited to partner with an experienced fintech investor like Sageview Capital, who recognizes the value that we have built and can help us execute our next phase of growth. We are also appreciative of the continued support from our existing investors, several of whom are great business partners on our mission to re-intermediate financial institutions into the digital lending process at the point-of-sale.”
About LoanStar
In order to help lenders compete with credit cards and loans with higher interest rates, LoanStar works with them to diversify their consumer loan origination tactics. They assist lenders of all sizes in maximizing the potential of their local brand by offering merchant aggregation, industry-leading software, and program advice.
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