icreditworks

iCreditWorks, founded in 2020 by Chairman Stephen E. Sweeney, operates as a financial technology firm specializing in point-of-sale (POS) financing. The company's business model is centered around a configurable and modular Platform-as-a-Service (PaaS) that enables partners, such as financial institutions and large brands, to embed lending solutions directly at the point of sale. Revenue is generated through these partnerships, with iCreditWorks providing the underlying technology for POS financing. The firm initially focused on the dental sector, offering patients an alternative to traditional credit for financing treatments, and is now expanding into other verticals including home improvement and automotive services.

The core of iCreditWorks' offering is its native mobile application, which provides a fully digital and mobile-first consumer journey. Through the app, consumers can apply for financing and receive a decision in seconds. The platform supports a range of loan products, from short-term, interest-free installment plans like a "Pay-In-4" option to longer-term installment loans up to $25,000. A key feature is the issuance of a single-use virtual card upon loan approval, which can be used immediately to pay the merchant. This process is designed to be seamless and secure, utilizing biometric security and risk-based pricing to tailor interest rates to individual credit profiles. All loans are issued by WebBank, a key strategic partner that has also invested in the company.

Stephen E. Sweeney, a serial entrepreneur, founded iCreditWorks with a vision to transform the POS financing experience. His previous ventures include PracticeWorks, a successful dental practice management software company that was sold to Kodak. This background in both technology and the dental industry provided a foundation for launching iCreditWorks. The company has secured significant funding to fuel its growth, including a strategic investment from WebBank in 2022 and a $60 million capital raise in April 2025 led by Comvest Partners and Barings, with follow-on participation from RedBird Capital. This capital is intended to accelerate the expansion of its PaaS platform and forge new partnerships.

Keywords: point-of-sale financing, PaaS, fintech, embedded finance, consumer lending, mobile payments, virtual card, dental financing, patient financing, installment loans, financial technology, WebBank, Stephen E. Sweeney, POS lending, digital lending, home improvement loans, automotive financing, app-based lending, consumer credit, merchant partnerships