Business Warrior buys Alchemy Technologies
Business Warrior, which provides marketing and lending services for small businesses, has acquired software-as-a-service (SaaS) FinTech Alchemy Technologies, according to a press release, to add lending services and international reach.
Alchemy provides end-to-end cloud-native lending experiences intended for use by FinTechs, merchants, and banks.
The press release states that Alchemy’s services include personal loans, point-of-sale financing, health and beauty financing, construction loans, solar and home improvement financing, and small business lending. Alchemy has customers in the US and Puerto Rico, Mexico, the United Arab Emirates, Australia and the UK
Alchemy will operate under its current name as a subsidiary of Business Warrior.
The press release states that Alchemy founder and CEO Timothy Li will join Business Warrior as Global Head of Technology.
“This move provides Alchemy with the additional resources, tools and capital needed to improve our service to customers,” said Li. “Both companies believe that small business owners are the lifeline of local communities. By bringing Alchemy and Business Warrior together, the positive impact on these communities will be global.”
“After working with Alchemy, we quickly realized the tremendous potential of bringing this international group of industry leaders to the Business Warrior team,” said Jonathan Brooks, President of Business Warrior. “With our business warrior platform, premium marketing and now a global lending technology footprint, we create solutions that drive small business success.”
See also: Alchemy provides SaaS platform to automate commercial lending to small businesses
PYMNTS wrote that Alchemy also recently introduced new financing software that small businesses can use.
This will be particularly useful in Latin America, which has done more work with the credit information infrastructure, allowing lenders and finance companies to underwrite small businesses by accessing credit history and posting transactions.
The system manages lines of credit, installment loans and revenue-dependent repayment structures.
Alchemy says it will “cover repayments, payment reminders, and collections modules to help lenders stay on top of their portfolio and investments.”