Snap Capital LLC, an online platform based in Charleston that connects small-business owners with business loan lenders, has been acquired by a Charlotte-based online loan marketplace in a deal worth up to $21 million.
LendingTree Inc. will pay $12 million at closing to acquire all non-lending assets of SnapCap, and it will add up to $9 million of contingent consideration payments.
“SnapCap has a talented team with a unique, high-touch business model,” said Doug Lebda, founder and CEO of LendingTree. “The company's concierge-based approach provides a quality end-to-end sales experience for customers while delivering high-intent borrowers and superior unit economics for lending partners.”
Hunter Stunzi, co-founder and president of SnapCap, said he was “incredibly excited” to join LendingTree.
“We feel confident that this partnership will enable us to capture meaningful market share in the small-business loan space and help even more business owners obtain the financing they need.”
SnapCap was founded in 2012 with a goal of quickly approving small-business loan requests based on three months of bank statements, assuming businesses provide required documentation and meet certain criteria.