Home » Business » Financial Tech Company Faastrak Announces the Acquisition of Sparkir

Charlotte, North Carolina, June 5, 2022, Faastrak, an industry leader in the fintech industry, is pleased to announce its acquisition of Sparkir, a successful equipment leasing broker. The acquisition takes place as Faastrak strives to further innovate on its efforts to offer flexible financing options in the eCommerce and retail space.

Faastrak’s RequestTraker technology utilizes algorithms to help automate financing and simplify the processing of small business loans. In an interview, Faastrak CEO Ken Brokaw spoke on the company’s ambitions.

“Our focus is to create a partner portal packed with value for those who have small business owners looking for financing as their target audience. Providing a closed end-to-end experience no matter the lender, loan request size, or financial product is our ultimate goal. We like to say that we automate what the banks can’t in order to help small business owners obtain the funding their business needs to grow. If we simply do that, then we are doing our part in helping the overall U.S. economy grow by empowering the backbone of the U.S. economy, small to medium businesses.”

The truth is many small businesses today are struggling to secure financing which greatly hinders their future growth potential. The traditional solution from banks is to lend money to those they deem credit-worthy based on old-fashioned credit checking methods. While the methodologies used in the industry may have been the best available in the past, times are changing.

The transitional lending process is far from streamlined, as the banks have been slow to invest in technology. Some banks are starting to invest in technology to keep up with the times, but that innovation is slow as they are not within their strengths as a company. Faastrak aims to bring the necessary technology between lenders and small business owners to help ensure timely funding for those who desperately need it to grow their business.

Currently, the average small business loan from alternative lenders is in the range of $50,000-$150,000. The Buy Now, Pay Later (BNPL) industry can typically only service loans up to $20,000. That leaves a tremendous gap to fill in order to bring the simplicity of BNPL to all small business loans. This is where Faastrak intends to make its mark, regardless of the lender or term.

Small business loans in the $50,000 – $150,000 range traditionally have a noted lack of speed in the process. Faastrak has been working to streamline this post-approval process to get funds into the hands of small businesses who need it. The acquisition of Sparkir opens the door to innovate in this space by smart matching the best fit lender to help provide an instant-approval shopping experience.

Brokaw comments, “It was perfect timing for the acquisition. We were already planning on launching a brand-new partner portal in Q3 of 2022. Being able to layer an instant approval feature on top of our other new features gives it that much more of a punch when we launch the new portal.”

Sparkir brings more than 15 years of equipment financing experience to the table. During this time, they’ve built many professional relationships and have generated more than $260M in originations for more than 11,000 U.S. based businesses. This success can be leveraged along with Faastrak’s fintech experience to redefine the business-to-business lending landscape.

Ryan Chen, CEO of Sparkir, added his take on the unification of Sparkir and Faastrak’s ambitions. “Post COVID, there has been a resurgence in small and medium businesses needing funding to get back on their feet,” Chen said. “The shared vision with Faastrak and the passion for bringing more technology into the business will allow us to disrupt an industry that has been stagnant for years, offering a better experience for our customers.”

Following the acquisition, Ken Brokaw remains the CEO to oversee daily operations of the new Faastrak structure. Ryan Chen will take on the role of COO to focus on the success of the company’s newly joined sales teams. The two plan to focus on their shared goals of turning the small business financing industry on its head with tech innovation and years of industry experience.

For complete information, visit: https://faastrak.com/

Media Contact:

Attn: Media Relations
Charlotte, N.C.