A New Jersey alternate lender has acquired the merchant portfolio of Infinity Capital Funding, a San Fernando Valley firm providing loans and cash advances to small businesses.
Financial terms of the deal between Primary Capital Funding in West Orange and Infinity Capital in Woodland Hills were not disclosed.
Infinity Capital specializes in merchant advances, designed for small retailers and other companies that accept credit card payments but need cash to cover expenses until the card payments are processed.
“We are excited about the acquisition and believe that the data and technology ICF has built over the past 13 years will be tremendously valuable,” said David Korchak, co-owner of Primary Capital, in a statement.
Additionally, Infinity Capital’s financial controller Isaiah Kenigsberg has been named as Primary’s new chief financial officer.
Kenigsberg said he was excited to join Primary.
“I believe in their plans for expansion into the market and the growth and strategy visions for the future,” he added in a statement.