US-based fintech platform iCreditWorks has secured an undisclosed amount of investment from WebBank, a Utah-chartered industrial lender.
The strategic investment values iCreditWorks at $200m.
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iCreditWorks will use the proceeds to support the growth of its omnichannel platform, which features a native mobile app within the point-of-sale (POS) sector and expand into new verticals.
The fintech’s platform leverages technology and mobility to offer a wide range of POS financing products.
iCreditWorks said it believes in ‘responsible’ lending and offering access to ‘affordable’ financing products, which will be backed by WebBank.
WebBank president & CEO Jason Lloyd said: “We made this investment in iCreditWorks to support the vision and innovation of their Platform.
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By GlobalData“We are excited to expand and grow our relationship with iCreditWorks and look forward to our mutual success.”
iCreditWorks chairman and founder Stephen Sweeney said: “We continue to expand our relationship with WebBank to ensure our alignment and to fuel our mission to reimagine POS financing.
“WebBank’s support of our vision is testimony to the iCreditWorks omnichannel platform offering and its unique position in the marketplace.”
Salt Lake City, Utah-WebBank operates in the digital lending space through strategic partner platforms such as fintechs, retailers and manufacturers.
It claims to have originated and funded more than $150bn in consumer and commercial credit products since its inception in 1997.
The lender’s portfolio of credit offerings includes consumer loans, revolving lines of credit, credit cards, private-label card issuance, and auto-refinancing among others.
