LendingTree, Inc. has acquired assets of Charleston-based SnapCap, a tech-enabled online platform connecting business owners with lenders offering small business loans, lines of credit and merchant cash advance products through a concierge-based sales approach.
The acquisition purchase has a possible total consideration of $21 million, which consists of $12 million in cash at closing, and contingent consideration payments of up to $9 million.
“SnapCap has a talented team with a unique, high-touch business model,” said Doug Lebda, founder and CEO of LendingTree. “The company’s concierge-based approach provides a quality end-to-end sales experience for customers while delivering high-intent borrowers and superior unit economics for lending partners. This transaction is consistent with our strategic plan and recent acquisitions, and we are confident it will help us scale and accelerate our small business channel.”
“We are incredibly excited to be part of the LendingTree team. We have spent five years building this business and to partner with LendingTree is strong validation of our business model and its unique strengths” said Hunter Stunzi, co-founder of SnapCap. “Since LendingTree first launched its business loan marketplace in 2014, LendingTree has been committed to increasing credit accessibility for small businesses and we share the same vision of simplifying the loan process for business owners. We feel confident that this partnership will enable us to capture meaningful market share in the small business loan space and help even more business owners obtain the financing they need.”
SnapCap is leading a revolution in small business finance by reducing the complexities found in the traditional lending process. Committed to investing in small business, SnapCap offers a better way to borrow by focusing on performance-based financing. Personal service combined with real-time evaluation technology makes it easier to provide financing solutions with greater speed and accuracy to the small businesses that drive the American economy.
LendingTree, Inc. operates the nation’s leading online loan marketplace and provides consumers with an array of online tools and information to help them find the best loans for their needs.