The Center for Innovative Technology announced today that its subsidiary CIT GAP Funds made an investment in LendPro. No financial terms were discussed by the company.
LendPro, headquartered in Charlottesville, Virginia, is software as a service or SaaS provider. The company's software involves mainly credit card applications. The cloud service is described to offer "service that solves complexity, efficiency and productivity problems in big-ticket retail in-store consumer finance" according to a press statement.
The President and Chief Executive Officer of CIT Pete Jobse commented on the backing, "LendPro has filled a previously unmet need of easy in-store consumer financing for big-ticket purchases. Our investment in LendPro indicates our confidence in the team, the strategy and the technology, all of which has positioned the company for solid growth."
The cloud service industry is among the fastest growing sectors in the technology market today, with hundreds of global names investing and accessing service from cloud startups and corporations.
"Companies like LendPro are still finding it difficult to access seed-stage funding. CIT GAP Funds fills that void with a proven public-private leveraged investment model that is creating 21st century companies and jobs throughout the Commonwealth," explained CIT Vice President Tom Weithman.
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