AUSTIN, Texas--(BUSINESS WIRE)--NewComLink, a technology pioneer in retail credit solutions, today announced that it has received $10 million in a Series B round of financing from Austin Ventures and StarVest Partners. The round was led by StarVest and will be used to support aggressive growth as retailers and lenders continue to embrace the NewComLink platform as a high-value alternative to legacy payment solutions.
“NewComLink is transforming the retail credit industry with a technology platform that brings new efficiencies to financing,” said NewComLink Co-Founder and CEO Suneet Paul, a global finance visionary who was a founding executive at Dell Financial Services and was instrumental in building it from ground zero to a large, multi-billion dollar business. “Many of today’s consumers are under-served, to the tune of tens of billions in lost retail sales each year. NewComLink unlocks value by improving consumers’ access to credit at point of need – benefiting retailers, consumers and lenders all at the same time.”
Tremendous Opportunity, Proven Success
“In aggregate, retailers across all sectors field over 200 million credit applications each year, but on average approximately half of all retail credit applications are rejected at point of need under legacy lender arrangements,” said John Grund, Partner at First Annapolis Consulting. These rejections frustrate consumers and leave billions on the table for retailers and lenders.
NewComLink was co-founded in 2008 by Paul and former Dell Financial Services executive and 25-year retail credit veteran Jim White to address this under-served market. Under Paul and White’s leadership, NewComLink has built an innovative technology platform from the ground-up, filed numerous patents, signed key customers and created an extensive partner network to revolutionize the way consumers access credit.
“Imagine a world where retailers never say no to applicants – driving incremental sales, profits and improving customer satisfaction all at the same time,” said White, who serves as NewComLink Co-Founder and President. “We’ve been laser focused on building the right team and technology, and our proven infrastructure couldn’t be stronger. All the cards are in place, and the next year is going to be a big one for NewComLink.”
“Retail credit is ripe for innovation, and we believe NewComLink is well positioned to radically transform a multi-billion dollar market that touches most American consumers today,” said Laura Sachar, General Partner at StarVest Partners. “By addressing this under-served market, NewComLink is unlocking value for consumers, retailers and credit issuers alike.”
“The entrepreneurs we seek to back often find uncommon opportunity in the midst of a major problem,” said Chris Pacitti, General Partner at Austin Ventures. “Suneet and Jim approached us in late 2008 and made a very strong case for why the global credit crisis and consumer credit contraction would create demand for an innovative technology solution for retail credit. Their well-timed market entry is evidenced by the dozens of retailers and lenders they have already signed. NewComLink stands out as an exceptional startup, and we are very excited about our continued investment.”
NewComLink Leadership
Austin-based NewComLink has assembled a team of executives and advisors with deep expertise in enterprise technology, finance, and retail who have come together to transform the retail credit industry.
As Co-Founder and CEO, Suneet Paul brings over 25 years of experience as a global finance industry executive. He most recently led Dell Financial Services Consumer & SMB divisions, shaping the business unit from a startup to a multi-billion dollar organization in 11 years. Prior to Dell, he led Apple’s worldwide financial services organization for five years.
Co-Founder and President Jim White is a 25-year veteran of the retail credit industry, where he has held executive leadership positions at The Associates (now Citi) and Household (now HSBC). He most recently served for seven years as VP of Dell Financial Services Consumer Business, which he joined after five years as co-founder and President of Retail Credit Solutions.
In addition, NewComLink has assembled a world-class advisory board of thought-leaders in the retail, financial services, and technology industries. These advisors bring deep experience from leading institutions including Neiman Marcus, HSBC, Citi Financial and 360Commerce (acquired by Oracle) among others. A full list of advisors is available here.
About StarVest Partners
StarVest Partners is a New York-based venture capital firm with $400 million under management that is funding technology-enabled business services companies throughout the United States. The firm's value-added partnership maintains a laser focus on five key emerging technology and services sectors: Software as a Service (SaaS), Internet Marketing Services, eCommerce Services, Data Aggregation Services and Identity and Security Management. StarVest combines a sophisticated investment background with the experience to foresee opportunities for both its portfolio companies and funding partners. The firm’s general partners are Deborah A. Farrington, Laura B. Sachar, Jeanne M. Sullivan and Larry A. Bettino. More information about StarVest is available at the company's Web site: www.starvestpartners.com.
About Austin Ventures
Austin Ventures (“AV”) has worked with talented entrepreneurs to build valuable companies for over twenty-five years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on business services and supply chain, financial services, new media, Internet and information services, software, and Texas special situations, AV invests at all stages of company development, from $100,000 in “planned experiments” in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of lower middle market growth companies. Visit Austin Ventures for more information.
About NewComLink
Based in Austin, Texas, NewComLink is transforming the way consumers access credit at point of need, beginning with retail credit. The company’s innovative technology platform brings new efficiencies to financing - helping to drive incremental sales, profits and improve customer satisfaction all at the same time. NewComLink was founded in 2008 and is privately held with venture capital funding from Austin Ventures and StarVest Partners. For more information, please visit the company’s website at www.newcomlink.com.