New York city-based Fora Financial, which offers flexible financing solutions to small businesses, has acquired a significant stake in US Business Funding (USBF), a leading provider of equipment financing.
The two companies say their partnership will create a direct sales organization in the small business alternative lending space, with the aim of growing the finance and leasing business.
USBF links small businesses across a variety of industries with financing products, including vendor programs, capital equipment loans and leasing solutions.
Since 2014, the company has grown originations more than 100% annually and now employs 40 sales people in its California office.
Peter Ribeiro, USBF’s founder and CEO, will continue to lead the business. The terms of the acquisition were not disclosed.
In a statement, Jared Feldman and Dan Smith, Fora’s co-founders, said: “Joining forces with USBF is an important strategic step for Fora Financial.
“As a result of the acquisition, Fora Financial will have nearly $400 million of annual originations, and we will add complementary and dynamic sales and marketing capabilities and be able to access other financing products. We look forward to working with Peter and his team on ways to expand what is already one of our most successful relationships.”