While the company does not reveal details about its computer algorithm, Muth said its decision-making methodology enables it to get approval rates exceeding 70 percent for lease-to-own deals that typically average about $1,000 in value. We chose the name Koalafi, pronounced as "qualify," to reflect our commitment to help more people qualify for financing to get the things they need. EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. Qualifying consumers may be approved for up to $65,000 in loan funding or $7,500 in lease-to-own funding. Michael Schwartz is the editor of Richmond BizSense, and covers banking, lawsuits, finance, M&A and golf. CEO Rob Finnegan said the latest cash influx will help the company boost its salesforce, which was 13 at the end of 2017 and is expected to rise to 48 by yearend. Were excited to share that the Koalafi brand is now here and we have changed our name from West Creek Financial to Koalafi (sounds like qualify). www.moderntiredealer.com is using a security service for protection against online attacks. The difference between loan and lease-to-own financing and how to determine which which is right for your business. West Creek Finance - All You Need to Know - Dakpluto Finnegan founded West Creek Financial in 2014 with fellow Capital One alums Boomer Muth and Scott Barton. The lead investor was Victory Park Capital, a Chicago-based investment firm focused on private middle-market debt and equity investments. Founded in 2014, West Creek is a point-of-sale financing fintech platform that leverages technology and machine learning to help consumers make life-essential purchases. West Creek Financial raises $10 million to further develop its lease-to But rest assured, youll still receive the same great benefits and customer support that you enjoy today. Richmond, VA, March 15, 2021 - JLL announces today the addition of West Creek Financial to The Current at 400 Hull Street in Richmond's dynamic Manchester neighborhood. There was a problem saving your notification. West Creek is a fast growing firm that specializes in point of sale finance for customers across the United States. Will I have to change my automatic or ACH payments? As Koalafi, we are here to help merchants to offer simple and convenient pay-over-time plans to nearly every consumer who walks in their door or visits their website. . It wont ever be an Altria or a Capital One, but it could be a very substantial firm and a regionally big employer for Richmond., The use of big data and machine learning is gaining momentum and you will see it become more common over time, Finnegan said. We have better machine-learning algorithms that enable us to do a better job underwriting consumers. The company was one of West Creeks first retail clients. The capital raise is the companys second since it was founded in 2014. Careers; Contact; Sign In. At Koalafi, we understand that some purchases just can't wait for "someday." With a Lease Agreement with Ownership Option substantially similar to the agreement attached to the complaint as Exhibit A. We have rapidly grown as a company and I'm excited to share that we recently changed our name from West Creek Financial to Koalafi to better reflect who we are today. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Say hello to Koalafi! Muth is now president. Advanced. At its office in the Innsbrook Corporate Center in Henrico County, West Creek Financial is using cutting-edge tools of computing and old fashioned customer service to build a national business. West Creek Financial is a company using big data analytics that make it easier for consumers to get approved on lease-to-own loans. Personalize which data points you want to see and create visualizations instantly. With the help of Koalafis advanced technology and analytics, delightful experiences, and world-class support, thousands of merchants nationwide have grown their businesses, and more of their customers can finally dream bigger. Other modern and bold brand elements . West Creek Financial uses big data to approve financing for consumers to buy appliances, furniture and mattresses. We are taking data science skills and applying them to an industry that does not have a history of using data science, Muth said. Introducing Koalafi | Koalafi Weve grown a lot since we opened our doors in 2014. Call or visit a Metro Mattress store location for complete details. Why is West Creek changing their name to Koalafi? 7 talking about this. We recommend that you make the check out to Koalafi. We focus on using big data and technology to optimize underwriting, enabling industry leading approval rates. We use the latest in technology and artificial intelligence to give our dealer partners an edge for more approvals and increased sales. Customer Support Mon-Fri 8:00am-9:00pm Sat 8:00am-8:00pm 844.937.8275. Its a startup growing incredibly quickly. You can cancel at any time. He sold that business in 2012 and co-founded West Creek Financial in 2014. Saunders, who grew up in Goochland and graduated from UVA, started Summit Action with three co-founders in 2015 with a $25 million fund aimed at investing in eight to 10 companies. Like the companys investments, Saunders said, its capital largely has come from outside Richmond, in larger markets like Chicago, New York and Miami. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. www.moderntiredealer.com is using a security service for protection against online attacks. The amount of approval is dependent upon factors including income, banking history, length of employment, and verification of contact information. West Creek Financial Company Stats. He said about 30 percent of the businesss customers do lease-to-own financing. It was enough to open my eyes to say, Oh my gosh, this is an incredible business using technology to disrupt the status quo, he said. RICHMOND, Va., Feb. 15, 2021 /PRNewswire/ -- West Creek, a fast-growing consumer financing provider, closed a new secured debt facility from Credit Suisse and a fund managed by Neuberger. Details may vary by state. West Creek Closes Secured Debt Facility from Credit Suisse, Neuberger ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE. Based on West Creek Financial, Inc., the KOALAFI trademark is used in the following business: financing services; loan financing; loan origination services; lease-purchase financing; providing information in the field of durable goods financing; credit modeling and underwriting in the field of financial loans , Software as a service (SAAS) We have pretty aggressive growth plans, and we are right on track for that now, said Boomer Muth, the companys co-founder and CEO. Seed, Series A, Private Equity), Whether an Organization is for profit or non-profit, General contact email for the organization. West Creek Financial Inc., a Henrico County-based company that provides lease-to-own financing for furniture and appliances, said Tuesday that it has raised $10 million in equity to. Continuing what's become an annual tradition, local startup West Creek Financial has capped off yet another big capital raise. Avoid scrambling to fill roles when the busy season hits by following this how-to guide. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. I think (the investors) interest shows the growth potential for West Creek, said Rob Finnegan, a West Creek board member and a partner at 2nd Order Solutions, a Henrico-based consulting firm. West Creek: West Creek provides funding to dealers via ACH transfer 24-48 hours after the customer's items are delivered. West Creek Financial PO Box 5518 Glen Allen, VA 23058-5518. My goal is not for us to become the biggest, but what I want to do is become big enough that everyone knows we are the best.. We now have over 1,300 retailers across the country, so we are a national company now, Muth said. Continuing whats become an annual tradition, local startup West Creek Financial has capped off yet another big capital raise. Snap: We fund within 2 business days. You can still schedule or change a payment or view your statements on our customer portal, but it will have a new address after the transition. Company Type For Profit. West Creek Financial will anchor Lynx Venture's 70,000 square foot office building and will take approximately 34,000 square feet on the top three floors of the six-story office building. We need to fund them until they are fully productive and producing profit.. The company, founded in 2014, provides point-of-sale, lease-to-own financing for consumers to buy home appliances, furniture and mattresses. Thats up from 84 current employees and 40 a year ago. Muth estimates the U.S. lease-to-own marketplace at about $11 billion a year, with a handful of major competitors that offer financing including Progressive Leasing, Acceptance Now, and Simple Finance. This field is for validation purposes and should be left unchanged. Our relationship with you isnt changing and you will continue to have access to the same lease or loan capacity with the same terms. Explore institutional-grade private market research from our team of analysts. Mark Every (left) is COO and Boomer Muth is CEO of West Creek Financial, which is able to analyze large sets of financial data and approve more customers for lease-to-own deals. Summary. "West Creek's focus on machine learning-driven credit decisioning, frictionless user experience, and world-class customer support enhances the way our customers finance essential purchases. 8 Things to Know When Choosing a Secondary Finance Provider Koalafi | LinkedIn West Creek Financial is a fast growing firm that specializes in point of sale finance for underserved customers. Please enable JavaScript on your browser and try again. There was no activity on this page for some time. Customers with a lease should visit customer.koalafi.com Customers with a loan should visit: customerportal.koalafi.com. We are immensely proud of what we accomplished as West Creek and are excited to continue to deliver exceptional financing products and services under our new brand. The merchant name on your billing statement will change from West Creek Financial, Inc. to WCREEK KOALAFIbut you wont need to do a thing. West Creek Financial Careers and Employment | Indeed.com By providing your mobile number, you agree that Metro Mattress will send you periodic SMS or MMS messages containing but not limited to important information, account updates, and exclusive periodic offers. New regulations put forth by the DOE will increase the upfront cost of new HVAC units. 13D/G. West Creek Financial raises $10 million to further develop its lease-to-own financing for furniture and appliances (Jun-2017) Source: www . Sector Financial, an affiliate of Credit Suisse, provided access to the Credit Suisse debt facility. Consumer buying habits are changing. Metro Mattress financing is provided by Koalafi from West Creek Financial. Copyright 2023 Metro Mattress Corp. All Rights Reserved. In fact, were always adding new stores and businesses that offer Koalafi financing products. Total amount raised across all funding rounds, Total number of Crunchbase contacts associated with this organization, Total number of employee profiles an organization has on Crunchbase, Total number of investment firms and individual investors, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. As Koalafi, we are here to help merchants to offer simple and convenient pay-over-time plans to nearly every consumer who walks in their door or visits their website. We are immensely proud of what we accomplished as West Creek and are excited to continue to deliver exceptional financing products and services under our new brand. West Creek Financial Holdings, Inc, DBA Koalafi https://koalafi.com/ Contact Seller Location Address 4951 Lake Brook Drive #350 Glenn Allen, Virginia, 23060 United States About Seller All Products About Seller Koalafi provides point of sale financing to consumers across the nation. West Creek Financial Inc., a Henrico County-based company that provides lease-to-own financing for furniture and appliances, said Tuesday that it has raised $10 million in equity to support further business development. The younger Saunders spent stints at Citigroup in New York and hedge fund Pleasant Lake Partners before launching Summit Action with several of the founders of Summit Series, a company that puts on business and technology conferences and speakers series. At its office in the Innsbrook Corporate Center in Henrico County, West Creek Financial is using cutting-edge tools of computing and old fashioned customer service to build a national. Class includes class members whose transaction was within four years of the filing of the complaint. Reply STOP to unsubscribe at any time & HELP for support. RICHMOND, Va., Feb. 15, 2021 /PRNewswire/ --West Creek, a fast-growing consumer financing provider, closed a new secured debt facility from Credit Suisse and a fund managed by Neuberger Berman. Payments will be made automaticallyjust as they are today. Country United States. The lotus symbol in our new logo represents the growth we enable for both our merchant partners' businesses and our customers' financial journeys. The complaint says that a company called West Creek Financial then began debiting his bank account every two weeks. Muth graduated in 2002 from Virginia Tech with a degree in mechanical engineering and started his career as an analyst for credit card issuer Capital One Financial Corp., where he was introduced to the tools of big data mining and machine learning. Its employee growth coincides with the growth of its customer base. Also joining the company as chief revenue officer was Bob McCarthy, who had worked for 12 years as a sales manager and division vice president for mattress and pillow company Tempur Sealy International and its predecessor Tempur-Pedic. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}, Independent Contractor (Newspaper Carrier), Virginia From Above: The Diamond District, Former Virginia basketball coach Terry Holland dies after battling Alzheimer's, Poll: Youngkin trails Trump, DeSantis in Va. GOP presidential preference, Farmville native caught with 42 lbs of cocaine, $862K in drug money gets 17 years. Please enable cookies on your browser and try again. Inv. Sign up for our newsletter to keep reading. Brochures from West Creek Financial are placed at Atlantic Bedding & Furniture in Henrico. How much can my customers be approved for through West Creek? One of West Creeks first retail clients was Atlantic Bedding & Furniture on Mechanicsville Turnpike in eastern Henrico County. West Creek Financial Deceptive and Unlawful Rent-to-Own Agreement NY The company also plans to use the funds to pay for additional personnel needed to handle business growth, including coders, data scientists, office staff, call center representatives and administration. Provider of lease-to-own consumer financing services intended to assist in goods and services procurement. US 100 101. In our most recent NPS survey, we received a category leading score of 74 from our merchant partners. Learn about the new regulations and how you can prepare. No, weve just outgrown our name. Dealer Support 24/7/365 844.238.6500. If you have a . An additional funding capacity will go a long way toward expanding our reach and allowing us to continue our growth trajectory.". We have a little over 40 employees now, and in the next six months we will double our staff, Muth said. Thank you for being a valued customer. So, if youve previously saved the payment URL, youll need to update your bookmark. In 2007, he started a home health care business, called Richmond Home Helpers, specializing in senior care. The complaint alleges that West Creek told him he would have to pay $2,700 to do so. Website www.koalafi.com Formerly Known As West Creek Financial Ownership Status Privately Held (backing) Financing Status Private Equity-Backed Primary Industry Financial Software Primary Office Post Office Box 5518 Glen Allen, VA 23058-5518 United States +1 (844) 000-0000 Koalafi Timeline 2020 2021 2022 2023 McCarthy is now building a national sales team for West Creek Financial. We chose the name Koalafi, pronounced as qualify, to reflect our commitment to help more people qualify for financing to get the things they need. If you pay in full by 100 days, you pay only a $40.00 initial . This is a lease-to-own product. 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Website Exclusive Extreme Discount Specials. The service requires full JavaScript support in order to view this website. Artificial Intelligence & Machine Learning Report. Saunders, 34, is the son of Paul Saunders, founder and CEO of Goochland-based investment firm James River Capital.