Lovell Minnick Partners, a private equity firm specialising in financial and related business services companies, has made a growth capital investment in Currency Capital, an online equipment financing exchange serving owners of small- and medium-sized companies.
The investment will support Currency Capital’s growth strategies. Financial terms of the private transaction have not been disclosed.
Headquartered in Los Angeles, Currency Capital will continue to be led by CEO Charles Anderson and his executive team who will retain a significant equity interest in the company.
Currency Capital’s online portal enables business owners to receive competitively priced loans for equipment purchases. The expedited approval process allows borrowers to receive funding rapidly and often the same day. This contrasts with the weeks- or months-long process typically involved with obtaining credit from traditional lenders.
Borrowers are provided with instant access to financing options from hundreds of lenders with one click, making the application, selection, approval and funding process simple and transparent.
“Charles and his team are transforming the USD1.7 trillion equipment purchase industry, empowering American business owners to meet their capital-buying needs at the point of sale in a convenient, seamless and efficient manner,” says John Cochran, partner at Lovell Minnick. “By originating, processing and servicing transactions, Currency Capital brings together buyers of varied credit profiles, sellers and equipment funding sources.”
Currency Capital provided approximately USD150 million in loans to customers in 2016. Equipment buyers are also able to purchase equipment for sale by the company’s industry-leading partners: eBay, Big Tex Trailers, IronPlanet and Proxibid.
“Our partnership with Lovell Minnick is further validation of the significant market opportunity we identified in 2012 to provide independent and small business owners with fast, on-demand and reliable financing,” says Anderson, who also serves as the executive director of the Commercial Equipment Marketplace Council. "Our vision is build an end-to-end equipment financing exchange so that our platform will empower business owners to ask Siri, 'find me a dump truck for USD200/mo.' And for Siri to respond with, 'where and when would you like the dump truck to be delivered?’ We are approaching this massive market in the same way that Amazon is approaching traditional retail."
