QuarterSpot, a Wayne, NJ-based online lender serving small to midsize businesses, received an equity investment of undisclosed amount from Aequitas Capital.
The company will use the funds to accelerate growth and expand its position in the market.
Co-founded by President Lance Emanuel and launched in beta in June 2013, QuarterSpot aims to help small and midsize businesses get the working capital they need to grow and prosper with lower net borrowing costs and attractive terms. It operates a proprietary technology that enables efficient underwriting of loans, quick decisions and funding, typically within 72 hours of receiving a borrower’s application.
Loans are financed with capital from accredited investors and institutions.