Yes Lender says its new acquisition has given it an “edge” in funding small businesses.
The alternative finance company announced Tuesday it had acquired the FinTech startup Edge Funder. The company says the deal gives Yes Lender’s customers access to Edge Funder’s direct-to-merchant portal and strengthens Yes Lender’s position in the merchant cash advance sector, the company said in a news release.
“Powered by artificial intelligence and proprietary software, the portal presents multiple funding options to merchants within 60 seconds,” the release said. “In addition, Edge Funder has deep marketing expertise in driving web traffic and originating quality leads of merchants in need of working capital.”
Yes Lender CEO Glenn Foreman said Edge Funder’s lead generation and direct-to-merchant funding platform complement his company’s ISO-driven sales channel, while their artificial intelligence will strengthen their underwriting.
“We’re thrilled to be part of Yes Lender,” said Amotz Segal, co-founder and CEO of Edge Funder. “We share the sAll Categoriesame vision as Yes Lender’s leadership team – to create an ecosystem that benefits our small business customers, our business partners, our employees and our investors, and to do so in a highly ethical way. We couldn’t be more excited about what the future holds for us.”
According to the news release, Segal will become Yes Lender’s Vice President of Business Development, with co-founder Kobi Ben Meir serving as Chief Marketing Officer.
The acquisition comes at a time when small business lending has routinely become the center of financial services innovation efforts, with new opportunities emerging to unlock data across service providers.
This is a concept PYMNTS explored earlier this year in our conversation with ForwardAI CEO and Co-Founder Nick Chandi and Chief Information Officer and Co-Founder Jag Barpagga. Data transparency, they said in the interview, will be a crucial component to accelerating and protecting small to medium-sized business (SMB) financing efforts in the coming months and years.
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