SPARK, an innovative SaaS-based lending platform serving the SBA and conventional lending market in the United States, has been acquired by Arcadea Group, a global, long-hold and growth-oriented SaaS investor. Arcadea acquired SPARK from Community Reinvestment Fund, USA (“CRF”). This strategic acquisition showcases Arcadea’s commitment to partnering with high-quality businesses with significant long-term growth potential.
“We are extremely impressed by the unique product and service that the SPARK team has developed, along with the tremendous loyalty they’ve built within their customer base,” stated Daniel Eisen, Managing Director at Arcadea Group. “Since the start of the COVID-19 pandemic, there has been a renewed focus on the SBA as a primary source of lending and we believe that SPARK has the potential to accelerate and redefine the SBA process while also enhancing its offerings in the conventional lending market. With our extensive experience in software operations and forward-thinking growth strategies, we are ready to empower SPARK’s journey towards even greater success. With the continued focus by lenders on digital banking infrastructure, including Lending as a Service (LaaS), we view SPARK as a fantastic addition to our portfolio of companies serving the Community Banking and Credit Union industry.”
SPARK’s user-friendly platform has gained rapid recognition in the SBA and conventional lending market, enabling small business owners to quickly secure the funding they need. With Arcadea Group’s resources and industry expertise, SPARK is poised to accelerate its growth trajectory and deepen its market footprint.
Nick Elders, the CEO of SPARK, expressed his excitement about this new partnership. “Our mission has always been to create a company and a product that leaves a lasting, enduring and impactful mark on the small business ecosystem, and we see Arcadea as the perfect partner to help us realize that vision. They not only have deep expertise in software operations but also a growth-oriented mindset. We’re beyond excited about this next chapter of SPARK.”
The acquisition of SPARK also resonates positively with Community Reinvestment Fund, USA. Jennifer Anderson, President of CRF, stated, “We were intent on finding a partner with a long-term vision for SPARK, and we found that in the Arcadea Group. With their ownership, we’re confident SPARK will continue to thrive, meeting the needs of our customer base.”
Paul Yancich, Managing Director at Arcadea Group, highlighted the strategic alignment of this acquisition, saying, “Acquiring SPARK is a testament to our commitment to only partner with businesses that have significant long-term growth potential. We look forward to supporting SPARK as it continues to innovate and expand its offering in the lending market.”
About SPARK
SPARK helps small business lenders take advantage of the FinTech ecosystem and thrive. SPARK is built, managed, and enhanced by a team of passionate experts across the globe and is focused on helping small business lenders succeed in an increasingly digital world. Founded in 2020, SPARK’s network of banks, credit unions, CDFIs and specialty lenders have used the platform to process over $25B in lending activity, targeting deserving small businesses owners across the U.S.
About Arcadea Group
Arcadea Group invests in high-quality, strongly growing, typically founder-led vertical software companies over durations of time that no traditional private equity or growth equity firm can match. With headquarters in Toronto, offices in Florida, and portfolio companies in North America, Europe, and Asia, Arcadea maintains a global investment purview. Arcadea leverages tailor-made, flexible strategies that prioritize value creation for all stakeholders, offering an alternative to the rigid playbooks of Private Equity or Software Aggregators, which prioritize owner returns at the expense of customers and employees.
About CRF
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to improve lives and strengthen communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF supports mission-driven organizations, increases economic mobility, and builds strong local economies through the development of solutions aimed at creating an equitable financial system. CRF has injected more than $3.5 billion to stimulate job creation and economic development and support community facilities. www.crfusa.com
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