CHARLOTTE, N.C., June 5, 2019 /PRNewswire-PRWeb/ -- Automated business financing company FaaStrak has released both a new division of the company —FaaSfunds, focused on alternative financial products for businesses —and an updated version of their flagship technology platform ahead of London Tech Week.
FaaSfunds, an alternative funding platform launched on Tuesday, has one vision in mind: "helping business owners focus on what they do best, run their business," said CEO Ken Brokaw. "It is impossible to focus on running your day to day operations while worrying about working capital. Our mission is simple: we want to help businesses make informed decisions and give them the best financial options based on their unique credit and cash flow situation(s)."
The process takes less than 30 seconds to start. From there, you will be matched with a funding specialist at 100% no cost to the business. FaaSfunds prides itself on assisting with all situations and needs —from startups to Fortune 500 companies —ranging from bad to excellent credit. FaaSfunds currently has nine funding products available for its customers including lines of credit, equipment financing, working capital loans, SBA loans, business credit cards and more.
While access to multiple financial products for business owners and managers is one primary function of FaaSfunds, the true value lies in its proprietary platform and powerful FaaSmatch algorithm. "Business credit is complex and difficult to manage," states Ken Brokaw, CEO. "FaaSfunds and our team of qualified credit specialists make it easy for businesses to get the help and resources they need to succeed." Access to the free FaaSfunds portal allows business owners to get a glimpse into their business/personal credit and gain insights on where and what they need to improve. The paid version acts as a credit monitoring service along with tracking each financial product associated with that business. Both versions recommend financial products tailored to meet the business's needs. In essence, the platform will give a snapshot of how the business is doing from a credit perspective, and help the business owner establish credit to help them leverage better financial products they may need for future growth.
To create a world-class financial tool, FaaStrak version 2.0 has been redesigned from the ground up using design thinking techniques and direct customer feedback. "We wanted to reinforce our commitment to empowering businesses by building an intuitive, simple and fast tool, making an already groundbreaking platform next-level," revealed Stefan Friend, Head of Product Development. "Businesses of all sizes struggle with access to financial resources, and FaaStrak is here to help."
The revamped FaaStrak 2.0 platform has been built to make managing the entire credit application process —from submission to funding —transparent and easy to navigate. Businesses, both equipment sellers and applicants, have access to an application tracker that efficiently moves it along the process. With clear, next steps —including electronic documents —FaaStrak 2.0 makes equipment leasing as pain-free as it gets. FaaStrak was already breaking the industry with top-tier approval ratios and a faster funding process, and their new launch is expected to be even more disruptive.
FaaStrak was one of only five FinTech companies selected to pitch at TechXL8R, part of London Tech Week, which expects over 20,000 participants and takes place from June 10 - 14. FaaStrak plans to announce their expansion into the UK market at the event. "With the explosive growth we have seen in the short 14 months since launching, it makes perfect sense to expand to the United Kingdom," said CTO Jeff Brokaw. "They are the fastest growing fintech country in the world and we want to help our customers capitalize on that growth."
Since launching last April, FaaStrak has closed over $4 million in lease volume within the Micro-Ticket segment alone. This $4 million in lease volume includes more than 500 funded applications and represents FaaStrak's growth of over 1500% in less than 14 months. They have also raised two rounds of funding which include investors Ubiquiti Networks, Stacked Capital, and advisory board member John F. Brock III, who is the former CEO of Coca Cola Enterprises and participated in both rounds of funding.
FaaStrak is on pace to hit $10 million in 2019 and has "no plans of slowing down," according to CEO Ken Brokaw.
[FaaStrak is disrupting how businesses offer equipment financing to their customers. By eliminating the typical broker/business model, FaaStrak is able to transform traditional leasing businesses into the next-generation of financing - putting you light years ahead of direct lenders and standard brokers. We've created ONE smart credit application that connects to ALL lenders within the marketplace. Users can now build their business around a multi-lender approach and the customer only needs to fill out one application. The coined term "smart application" refers to the platforms ability to update in real time based on the applicant's criteria. This way the applicant gets sent to the most appropriate lender without being shopped by other lenders. With FaaStrak vendor portal 2.0 you are now able to close more deals and keep your customers happy.]
SOURCE FaaStrak
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