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Fintech FaaStrak Announces New Division, Updated Platform

June 10, 2019, 07:12 AM
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Automated business financing company FaaStrak has announced a new division of the company —FaaSfunds, focused on alternative financial products for businesses —and an updated version of its flagship technology platform.

FaaSfunds, an alternative funding platform, 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 percent 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,” Brokaw said. “FaaSfunds and our team of qualified credit specialists make it easy for businesses to get the help and resources they need to succeed.”

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,” said Stefan Friend, Head of Product Development.

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, based in Charlotte, NC, was one of 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 its 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 percent in less than 14 months. It has 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, according to CEO Brokaw.

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