LiftForward
Overview
LiftForward is a New York-based fintech company that specializes in providing embedded finance solutions tailored for brands, merchants, and banks. Founded in 2013 by Jeffrey Rogers, LiftForward offers payment solutions that power subscription services, including Device-as-a-Service (DaaS) and Hardware as a Service. With a platform that integrates various components required for successful financing programs, the company simplifies complexities surrounding subscription programs. As of 2024, LiftForward has raised approximately $36.3 million in total equity funding, backed by notable investors like Monroe Capital and IA Capital Group.
Recent Developments
- July 2024: LiftForward announced raising $30 million in a Series C funding round, aiming to expand its operations and enhance product offerings. This round was part of a broader strategic push to fortify its embedded finance platform, which supports global financing programs across over 15 countries.
- July 2023: LiftForward and Citizens Pay were recognized in the FinTech Futures PayTech Awards as Highly Commended for Best Bank & PayTech Partnership, showcasing their innovative collaboration.
- June 2023: Staples Canada launched the Staples FlexPlan for Apple Products, utilizing LiftForward as the central integrator connecting program partners. This collaboration highlights LiftForward's capability in supporting complex finance programs.
- December 2022: LiftForward became a member of the Microsoft Engage partner network, contributing to Mastercard's efforts in deploying scalable installment solutions across its merchant network.
- November 2022: LiftForward received significant attention in financial circles following its involvement in national and international projects, strengthening its reputation as a robust platform in the embedded finance sector.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2013 |
| Headquarters | New York, NY |
| Founders | Jeffrey Rogers |
| Revenue | Data unavailable |
| Profits | Data unavailable |
| Key Investors | Monroe Capital, IA Capital Group, GLI Finance |
| Industry | Financial Services, FinTech |
| Number of Employees | 26 |
Early History
LiftForward was established with a focus on filling a gap in the market for efficient and scalable small business financing solutions. The company's initial service offering revolved around a marketplace loan platform, enabling small businesses to secure loans for asset purchases and working capital. It quickly adapted to the evolving market dynamics and focused on creating a seamless embedded finance platform that could integrate various financial services. Within a year, LiftForward scored a significant partnership with Microsoft, powering its Surface Membership financing program and establishing itself as a pioneer in the embedded financing space.
Company Profile and Achievements
LiftForward operates primarily within the embedded finance segment, catering to a wide array of clients including major OEMs, banks, and retailers. The company’s platform is equipped with point-of-sale software, white-labelled e-commerce experiences, inventory management, and analytics reporting. Key achievements include:
- 2013: Partnership with Microsoft to launch the Surface Membership program, marking LiftForward’s first major client in the embedded finance ecosystem.
- 2014-2015: Secured $250 million in credit facilities from Varadero Capital and GLI Finance, enhancing its capacity to fund small business loans.
- 2016: Received $100 million senior credit facility from Monroe Capital, cementing its financial backing and capacity for expansion.
- 2022-2023: Developed significant partnerships with Microsoft and Citizens Bank, enhancing its stature in the fintech space.
Current Operations and Market Position
LiftForward continues to lead in the highly competitive fintech industry by providing robust embedded finance solutions. Currently active in over 20 countries, it collaborates with leading brands like Microsoft, leveraging its platform capabilities to manage complex subscription and financing programs. The company’s platform supports buy now, pay later (BNPL), split-pay, and other financing forms, bolstering its market position. LiftForward prides itself on its adaptable software solutions and the ability to customize its offerings to meet unique customer needs, thereby maintaining a competitive edge in the rapidly evolving fintech landscape.
Conclusion
LiftForward, under the leadership of CEO Jeffrey Rogers, has emerged as a key player in the fintech industry, known for its innovation in embedded finance. Its strategic partnerships with heavyweight brands have positioned it well within the market, making it a sought-after solution provider for brands aiming to streamline their financing operations. As the company continues to expand its international reach and enhance its platform capabilities, LiftForward is poised to further solidify its influence in the industry, contributing to the ongoing evolution of financial services and embedded finance models.