Business Warrior, which offers small businesses marketing and lending services, has bought Software-as-a-Service (SaaS) FinTech Alchemy Technologies, a press release said, to add lending services and international reach.
Alchemy provides end-to-end cloud-native lending experiences, intended for use by FinTechs, merchants and banks.
The release noted that Alchemy services include personal loans, point of sale financing, health and beauty financing, construction loans, solar and home improvement financing and small business lending. Alchemy has customers in the U.S. and Puerto Rico, Mexico, United Arab Emirates, Australia and the U.K.
Alchemy will operate under its current name as a subsidiary of Business Warrior.
The release said Alchemy Founder and CEO Timothy Li will be global head of technology with Business Warrior.
“This move provides Alchemy with the additional resources, tools and capital necessary to enhance our service to customers,” Li said. “Both companies believe small business owners are the lifeline of local communities. By bringing Alchemy and Business Warrior together, the positive impact on these communities is going to be worldwide.”
“After working with Alchemy, we quickly realized the massive potential of adding this international group of industry leaders to the Business Warrior team,” explains Business Warrior President Jonathan Brooks. “With our Business Warrior platform, premium marketing, and now a global lending technology presence, we are building solutions that propel the success of small businesses.”
PYMNTS wrote that Alchemy also recently debuted new software for financing that small businesses can make use of.
This will especially be of use in Latin America, which has been doing more work with credit information infrastructure, allowing lenders and financing companies to underwrite small businesses through accessing credit history and booking transaction.
The system reportedly manages lines of credit, installment loans and revenue-based repayment structures.
Alchemy says it will cover “repayments, payment reminders, and collections modules to help lenders to stay on top of their portfolio and investment.”