LendPro announced today the closing of a $2.5 million equity financing transaction with Mobile Financial Partners (MFP), an investment and management group with broad experience in venture capital, information technology, consumer finance and mobile communications.
The staged funding agreement with MFP follows the 2013 initial seed round financing in LendPro by investors, the Center for Innovative Technology (CIT) and Virga Ventures LLC.
Coinciding with the MFP financing, LendPro announced the addition of Glen Flowers as Executive Vice President. Mr. Flowers will focus on the company’s sales, marketing and field operations efforts.
Mr. Flowers has extensive experience in retail and consumer services and has held executive level sales and operations positions at large mobile retail businesses, including Sprint/Nextel, Metro PCS and Cricket Wireless, as well as at a fast-growing retail finance product start-up.
LendPro will use the MFP financing proceeds to rapidly grow its business and leverage the position LendPro has attained with its innovative retail consumer finance technology in the “big-ticket” retail marketplace.
“Mobile Financial Partners brings much more than money to LendPro,” said David Weyher, LendPro’s president. “They are active investors who are already lending their deep expertise and experience to help position LendPro for large scale.”
“We were impressed with LendPro’s strong position in the retail consumer finance space and are delighted to partner with LendPro in further developing and expanding its leading technology platform for dramatically improving the experience of consumers, retailers and lenders in executing consumer financing for big-ticket purchases,” stated Mobile Financial Partners.