The company, which provides working capital to small businesses with the help of its proprietary lending platform “The Box,” said the acquisition will help enhance its present leadership team and accelerate growth by rolling out a line of credit products, among other opportunities.
Greenbox CEO Jordan Fein praised the “wealth of industry knowledge” brought by Level Up’s founders and key staff. “The acquisition will immediately impact growth and the unique selling proposition that we offer our clients,” he said in a news release. “We’ll continue to make strategic moves to scale, which includes synergistic acquisitions to further distance ourselves from our competitors. Level Up is the first of many to come.”
According to Greenbox, The Box increases the speed of funding for business owners and brokers with features that “allow for customization and self-service options,” providing “an Uber-like experience” for lending.
“We’re very excited for our future here at Greenbox. We will have the opportunity to develop new products that will aid clients across the U.S. and abroad with their business growth,” Level Up Co-founder and Head of Product Drew Batiato said in the announcement.
Greenbox’s acquisition caps a busy news month for the alternative lending sector. On July 5, Payhippo, an artificial intelligence (AI)-driven lending platform, announced that it had raised $1 million in pre-seed funding.
One day later, PYMNTS reported on Yes Lender‘s acquisition of FinTech startup Edge Funder, a deal that Yes Lender says gives their customers access to Edge Funder’s direct-to-merchant portal. The company said Edge Funder’s lead generation and direct-to-merchant funding platform will complement its ISO-driven sales channel.
And on July 19, news surfaced that the U.K.-based MarketFinance, which offers small business financing solutions, rolled out an upgraded account that gives customers an easier time managing their funds and future repayments.
For a more detailed look at the world of newly-funded small business lending FinTechs, read PYMNTS’ report from July 16.