Bulletin: Merchant Growth acquires Victoria’s Company Capital
The acquisition was made in conjunction with Merchant’s funding vehicle, the Merchant Opportunities Fund.
Merchant Growth, a Vancouver fintech company that specializes in small business financing, has acquired the portfolio and business assets of Victoria-based Company Capital Inc.
The acquisition was made in conjunction with Merchant’s funding vehicle, the Merchant Opportunities Fund (MOF). The acquisition price wasn’t disclosed.
"We look forward to welcoming each and every Company Capital customer to Merchant Growth,” said David Gens, founder of Merchant Growth in a statement, “and we commit to serving our new customers for a long time.”
”Merchant Growth has been a friendly competitor with Company Capital for over 10 years,” reads Company Capital’s website, as of Monday (July 19) morning.
“We believe our customers will be well looked after by the Merchant Growth team,” said Company Capital founder Steve Clark, in a statement.
For Company Capital customers, there will be no changes to their existing loans.
Since its founding, Merchant Growth has provided more than $300 million in financing to more than 5,000 businesses.
Since 2010, the MOF has invested in short-term, small to mid-sized business (SMB) credit and consumer loans. In 2020, it closed a $27.5 million BMO credit facility. It has a current portfolio value of approximately $36 million.
For more funding news and acquisitions, subscribe to the Sunday Briefing: