Business Warrior, which offers marketing and lending services to small businesses, has purchased software as a service (SaaS) FinTech Alchemy Technologies, according to a press release, to add lending services and international reach.
Alchemy provides end-to-end, cloud-native lending experiences for use by FinTechs, merchants, and banks.
The release said Alchemy’s services include personal loans, point-of-sale financing, health and beauty financing, construction loans, solar energy and home improvement financing. housing and small business loans. Alchemy has customers in the United States and Puerto Rico, Mexico, United Arab Emirates, Australia, and the United Kingdom.
Alchemy will operate under its current name as a subsidiary of Business Warrior.
The release says Alchemy Founder and CEO Timothy Li will serve as the Global Head of Technology at Business Warrior.
“This move provides Alchemy with the additional resources, tools and capital needed to improve our service to customers,” Li said. “Both companies believe that small business owners are the lifeline of local communities. By bringing Alchemy and Business Warrior together, the positive impact on these communities will be global.
“After working with Alchemy, we quickly realized the tremendous potential of adding this international group of industry leaders to the Business Warrior team,” said Business Warrior President Jonathan Brooks. “Through our Business Warrior platform, premium marketing, and now a global lending technology presence, we’re creating solutions that power small business success.”
See also: Alchemy offers a SaaS platform to automate small business commercial lending
PYMNTS wrote that Alchemy also recently launched new funding software that small businesses can use.
This will be particularly useful in Latin America, which is working more on credit information infrastructure, allowing lenders and finance companies to underwrite small businesses by accessing credit history and booking transactions.
The system would handle lines of credit, installment loans, and income-based repayment structures.
Alchemy says it will cover “refunds, payment reminders, and collections modules to help lenders stay on top of their portfolio and their investment.”