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Banking & Finance

SnapCap acquired; price could reach $21 million

Banking & Finance
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Snap Capital LLC, an online platform based in Charleston that connects small-business owners with business loan lenders, has been acquired by a Charlotte-based online loan marketplace in a deal worth up to $21 million.

LendingTree Inc. will pay $12 million at closing to acquire all non-lending assets of SnapCap, and it will add up to $9 million of contingent consideration payments.

“SnapCap has a talented team with a unique, high-touch business model,” said Doug Lebda, founder and CEO of LendingTree. “The company's concierge-based approach provides a quality end-to-end sales experience for customers while delivering high-intent borrowers and superior unit economics for lending partners.”

Hunter Stunzi, co-founder and president of SnapCap, said he was “incredibly excited” to join LendingTree.

“We feel confident that this partnership will enable us to capture meaningful market share in the small-business loan space and help even more business owners obtain the financing they need.”

SnapCap was founded in 2012 with a goal of quickly approving small-business loan requests based on three months of bank statements, assuming businesses provide required documentation and meet certain criteria.

Reach Patrick Hoff at 843-849-3144.

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