Funding round completed
smartfundit.com, an Internet company creating an online finance exchange, raised £3.5 million in a round led by BayTech Venture Capital. The investment and expertise from BayTech will accelerate the company’s global expansion.
Jude Ngu’Ewodo, General Partner at BayTech, said, “We quickly realised that the smartfundit online business model is the much needed answer to the many inefficiencies of conventional technology leasing.” The company has received over $1 billion in finance requests since its inception and has a credit approval rate of over 80 per cent.
Since its launch in the UK in early 2006, online financing made available by the smartfundit.com web service has grown significantly. Software vendors and their channel partners are using instant online access to over 8,000 finance products to source, benchmark and select the most suitable leasing arrangements on behalf of their customers. Offering finance at point of sale typically reduces the time to close transactions, makes IT systems more affordable for businesses and saves the vendors time and resources in collecting payments.
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