Bolstr
Fast, Flexible Small Business Loans | Marketplace Lender | Bolstr.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
| investor investor investor investor | €0.0 | round | |
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
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Bolstr operated as a marketplace for business financing, connecting small businesses with accredited investors. Founded in Chicago in 2011 by Charlie Tribbett and Larry Baker, the company aimed to streamline access to capital for businesses in the consumer, retail, and manufacturing sectors. Bolstr's platform facilitated an income-sharing financing model. Businesses would apply for funding, and if approved, their deal would be listed on the marketplace for accredited investors to commit capital. Once fully funded, the business would repay the investors by remitting a fixed percentage of its monthly revenue until the financing was fully paid. This structure offered an alternative to traditional debt, allowing business owners to retain equity.
The company's technology was designed to simplify and accelerate the lending process for small businesses, reducing paperwork and processing times for both traditional and Small Business Administration (SBA) loans. This digital-first approach was a key component of its value proposition. Over its lifetime as an independent entity, Bolstr raised approximately $7.06 million in funding over several rounds from investors including Montage Ventures, Kapor Capital, Fusion Fund, and DRW Venture Capital.
A significant milestone in the company's history occurred on June 20, 2018, when KeyBank acquired Bolstr's digital lending platform. The acquisition was part of KeyBank's strategy to enhance its digital capabilities and increase its small business lending, aligning with its National Community Benefits Plan. Following the acquisition, Bolstr's technology was integrated into KeyBank's systems to provide faster and easier access to capital for small business owners.
Keywords: Bolstr, marketplace lending, small business financing, fintech, income sharing agreement, revenue-based financing, accredited investors, digital lending platform, SME loans, KeyBank acquisition, business financing, consumer business lending, retail funding, manufacturing capital, Charlie Tribbett, Larry Baker