(Dallas, Texas; January 13, 2020) Today, Dallas, Texas based Sprout Funding announced its acquisition of certain assets of Jet Capital, based in Hurst, Texas. The move highlights Sprout’s aggressive growth strategy to become the fintech category leader in small business alternative financing. Sprout Funding provides short term working capital based on future revenue potential- providing flexible repayment options and quick turnaround for businesses in need of a fast and convenient source of funding up to $500,000.
President Luke Schmille emphasized the technological assets Jet Capital brings to bear on the newly combined portfolio, “Jet has invested smartly and grown their portfolio by leveraging advanced analytics and proprietary technologies complementing our shared mission to provide fast, innovative, responsible and hassle-free funding solutions for business owners in a variety of categories. This move positions Sprout Funding as DFW’s premier alternative finance lender for small business.”
“Our focus on the under-served small business owner complements the existing Sprout customer base allowing us to create synergies moving forward” added Jet Capital COO Allan Thompson, who will be joining the Sprout Team as Senior Vice-President of Revenue immediately. “There is a great cultural alignment in addition to the obvious benefits of combining our technology, processes and people. The result will provide increased capabilities for Sprout and opportunity for all of our customers and partners”.
The combined companies will conduct future transactions under the Sprout Funding name and there will be no material change to existing transactions during the current transition period.
About Sprout Funding
Sprout Funding provides a variety of online revenue-based funding products and financial services, including merchant cash advances, to small and medium-sized businesses as well as medical practices (Medi+Funding® product) nationwide. Sprout Funding was founded by Bradley Woy and is based in Dallas, Texas with satellite offices in New York, Atlantic City and Chicago. Sprout is an emerging leader within the alternative finance industry, providing a go-to source for businesses requiring working capital quickly and efficiently. For more information please visit: www.getsproutfunding.com.
About Jet Capital
Jet Capital is a Texas-based online financial services provider primarily focused on underserved small businesses who are unable to access traditional lenders. Jet was launched in 2015 with a focus on businesses with 20 or fewer employees. The firm grew quickly targeting regional growth markets with a concentrated small business community and with a strategic decision to focus on advances under $30,000 using an exclusive lending/underwriting model through a proprietary IT platform developed by the Company.