Partnership fuels expansion of Lendaily’s merchant-centric revolving credit solutions
NEW YORK, NY, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Lendaily, Inc. (www.lendaily.com), a provider of merchant-centric revolving credit finance solutions, announced that it has closed on a strategic partnership agreement with New Oak Capital LLC, (www.newoak.com), a New York-based asset management and institutional advisory firm which has advised on over $5.5 trillion in assets on behalf of the world's top banks, institutions, law firms and regulators. NewOak will provide insight on capital markets, credit, growth, and additional business opportunities as both companies expand their point-of-sale lending merchant offerings to include revolving, private label payment products for all forms of merchant transactions.
New Oak will also facilitate over $100 Million of initial capitalization to the strategic partnership that will enable Lendaily to issue merchant centric consumer revolving credit lines to Lendaily’s clients.
Lendaily provides a secure and comprehensive alternative payment financing solution that facilitates enhanced customer convenience for purchases ranging from $500 to $10,000. As an alternative to standard open-loop credit cards, Lendaily provides merchants with a closed-loop, end-to-end processing system—with real-time approvals—that simplifies consumer purchases. Under the merchant-centric Lendaily program, merchant transaction fees are significantly lower than those associated with standard open-loop credit cards, and consumers are offered a FICO-based line of credit for current and future purchases with the merchant.
“We’ve been tracking the recent progress of Lendaily, and with the launch of its merchant-branded revolving credit solution, decided the timing is right to help bring the right capital, with innovative consumer credit solutions, under one umbrella,” said Ron D'Vari, NewOak’s chief executive officer. “As a strategic partner to Lendaily, we are eager to apply our expertise and assist with growth, market penetration and analytics.”
“We are delighted that NewOak, which has exceptional success in supporting emerging financial technology providers, has elected to take a strategic role in Lendaily,” said Gary Pryor, Lendaily’s chief executive officer. “This partnership from NewOak provides Lendaily with a solid foundation to increase our reach and satisfy emerging opportunities. We are looking forward to a long and mutually beneficial relationship with NewOak, and offer innovative, revolving products. Through this partnership, our clients will see an increase in revenue, a reduction in shopping cart abandonment, and transaction fees cut in half. Just as importantly, their customers will be happier. That's a formula for merchant success.”
Merchants interested in learning more about Lendaily can contact the company at http://lendaily.com/contactus/
About Lendaily
Lendaily is a merchant-centric facilitator of consumer credit loans. Lendaily’s mission is to empower small and medium-size merchants to provide competitive financing of products and services through web-based channels. Through its solutions, Lendaily helps merchants grow and retain their customers with its revolving credit offerings that include consumer authentication and account validation, and facilitation of merchant funding ACH through a variety of applications and channels. For more information about Lendaily, please visit www.lendaily.com.
About NewOak
NewOak is built for today's global financial markets. Powered by an experienced team of independent, cross-asset class experts, NewOak's financial advisory services and litigation consulting help our clients surmount the unique and demanding challenges in the critical areas of credit, risk, compliance and regulation, enabling them to maximize efficiencies internally and outperform externally. Backed by leading-edge analytics and proprietary, customizable technology solutions, NewOak's experienced market practitioners and legal professionals collaborate with clients to convert complex business threats into competitive advantage. www.newoak.com