After making an early investment in a promising technology company, San Diego-based National Funding decided to acquire it. National Funding, a lender of small and medium-sized business loans, acquired Irvine-based QuickBridge for an undisclosed amount.
When QuickBridge was founded in 2011, National Funding purchased a minority interest in the company.
“That company is now more than seven years old and has done a lot of special things in the alternative lending and small business lending world,” National Funding CEO David Gilbert said. “Being on the board and seeing how that company operate, I saw there were some technologies and products and people that were so perfect for us to align with, that we couldn’t do it as a minority partner.”
One of those strengths, Gilbert said, is the technology QuickBridge uses to underwrite small business. The merger will also give National Funding a presence in Irvine, a financial services hub.
Gilbert said he expects the combined company will see about $600 million in loan originations and revenues of $150 million. In 2016, National Funding had $75.7 million in revenue, making it San Diego’s 25th largest private company.
QuickBridge will bring its staff of 100 to National Funding’s 230 employees. The company’s president, Ben Gold, will remain in place, as will National Funding’s leadership. Gilbert said both entities would continue to run “fairly independently.”
In the next four years, he expects to see QuickBridge quadruple in size.
“I’m just excited to see the future of QuickBridge,” Gilbert said. “I think that company has so much opportunity to grow and scale. The combination is meaningful when it comes to financing small business owners.”