The Scoop Behind Sprout Funding’s Acquisition of Jet Capital

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Sprout Funding HomepageNews from North Texas this month as Dallas-based Sprout Funding announced its acquisition of Jet Capital. The move comes as Sprout seeks to expand its technical operations.

“Sprout built a reputation as a group that funds a lot of its own internal deals, and Jet had spent a lot of time, energy, and money on their tech platforms,” Sprout’s CEO and Founder Brad Woy told deBanked. “So while we were really good on the sales and marketing side, they seemed to be a little bit more advanced in their tech and reporting, and we brought those two things together.”

Almost all of Jet’s employees will be joining Sprout, with the exception of one person who chose to go their separate way following the merger.

Jet’s COO Allan Thompson spoke kindly of the purchase, saying in a statement that “There is a great cultural alignment in addition to the obvious benefits of combining our technology, processes and people. The result will provide increased capabilities for Sprout and opportunity for all of our customers and partners.”

The financial terms of the acquisition were not disclosed.

Last modified: January 25, 2020
Brendan Garrett

Category: Business Lending, Industry News, merchant cash advance


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