Credibly, a FinTech Organization Acquired ProApprove

Credibly, a FinTech Organization Acquired ProApprove
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Credibly a Michigan-based financial services provider empowers small businesses and individuals. It aims at offering an apt small business lending service and for that it uses cutting-edge data science, partner relations, technology and consumer support to offer business owner with speedy access to right-sized capital solutions.

It announced the acquisition of ProApprove, a specialized finance institution that brings home improvement financing solutions to homeowners with prime, non-prime, and near-prime credit.

ProApprove originates instalment contracts through its expanding network of home improvement contractors and helps those contractors drive significant revenue growth by enabling them to sell their goods and services to homeowners across the credit spectrum. ProApprove is now powered by Credibly’s market-leading data science, technology, and risk management expertise.

Ryan Rosett, Co-Founder and Co-CEO, Credibly, stated, “Through conversations with contractors who obtain financing from Credibly, we identified a significant market opportunity in the home improvement space. We believe our agreement with Castlelake will accelerate our expansion efforts by providing contractors with confidence that they can offer flexible financing solutions to all of their customers. Contractors who offer financing solutions through ProApprove will no longer need to turn down sales due to a homeowner’s inability to pay for a project upfront, helping those contractors grow their book of business.”

With its data science-driven FinTech lending platform, Credibly helps small and medium-sized enterprises to get finance more quickly, more affordably, and with more options (SMBs). The company provides synergy, white-label, and investment partners access to its strong data science capabilities as well as partnership alternatives that include balance sheet, syndication, and off-balance sheet capital options.

Established in 2010, Credibly has offered more than $2 billion in capital to SMBs, while keeping a strong emphasis on risk management as well as on compliance.

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