MECHANICSBURG, Pa. – Versatile Credit (“Versatile”), a leading provider of software connecting merchants, lenders and consumers to facilitate loans at points-of-sale, today announced a strategic growth investment from PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth. PSG’s Marco Ferrari, Managing Director, and Chris Nesbitt, Principal, will join Versatile’s Board of Directors. Financial terms were not disclosed.
“Given PSG’s history of investments in embedded fintech solutions, we quickly identified embedded lending as an attractive opportunity”
Versatile offers an omnichannel platform for merchants and lenders to connect with – and seamlessly lend to – consumers at points-of-sale. By helping to simplify consumer access to a variety of credit products during check out, Versatile seeks to address pain points in the traditional consumer credit issuance process for each of its three key constituents: merchants, who can customize their own branded financing experience and evaluate the performance of their financing programs; lenders, who are connected to a consumer with an immediate purchasing need without having to cultivate direct relationships; and consumers, who seamlessly receive quick and secure credit access to finance in-store and online purchases at check out.
Versatile serves thousands of merchants across a variety of verticals, including furniture retail, elective medical services, dentistry, automotive repair and home improvement services. The company seeks to use the investment proceeds to expand its go-to-market infrastructure, grow and deepen its relationships with lenders and increase market share in existing and new merchant categories.
“Our momentum to date reflects what we believe is a market opportunity for Versatile as well as for the merchants, lenders and consumers we are proud to serve,” said Ed O’Donnell, Chief Executive Officer of Versatile. “We are grateful for the opportunity to partner with PSG, a firm with a strong heritage in fintech investing that can provide the resources and domain knowledge we believe will be critical to the successful execution of our strategic growth plans.”
Vicki Turjan, President and Chief Operating Officer of Versatile, added, “With the support of PSG, we’re excited by the opportunities ahead to work in lockstep with a growing set of merchants and lenders to develop innovative financing experiences, customized to fit the needs of their consumers.”
Versatile serves thousands of merchants and, on the lender side, works with a network of more than 30 prime, near-prime and no-credit-required financing partners to serve customers throughout the FICO spectrum.
“Given PSG’s history of investments in embedded fintech solutions, we quickly identified embedded lending as an attractive opportunity,” said Chris Nesbitt, Principal at PSG. “Versatile immediately stood out as a leader in this vast and growing market, serving an important role as the conduit for distribution of consumer lending products at the time when the customer is engaged in a transaction. We are very excited to partner with Ed and Vicki to support Versatile’s next phase of growth.”
Vista Point Advisors served as financial advisor to Versatile. Weil, Gotshal & Manges LLP served as legal advisor to PSG.
About Versatile Credit
Versatile Credit offers a technology platform that enables retailers to build a financing program with leading lending providers, innovative financing solutions and engaging customer experiences —potentially leading to more finance applications, approvals and sales. For more information about Versatile Credit, visit versatilecredit.com.
About PSG Equity
PSG Equity (“PSG”) is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 130 companies and facilitated over 460 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel Aviv. To learn more about PSG, visit www.psgequity.com.