Subject to Approval. Our rebrand coincides with the national expansion of our stand-alone financing solution which offers an array of Koalafis financing products to consumers with excellent to no credit through a single platform. West Creek Financial EFTA Claims. FIRST USE IN COMMERCE: 20200224 IC 042. There are common misconceptions about consumers who are establishing or building their credit. RICHMOND, Va., Feb. 15, 2021 /PRNewswire/ --West Creek, a fast-growing consumer financing provider, closed a new secured debt facility from Credit Suisse and a fund managed by Neuberger Berman. Muth is now president. Here are some stats about them that may surprise you. Home; About Us; Dealer Benefits; FAQ; Contact But once he got to know Finnegan and Muth and did due diligence, Saunders said he was sold. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}, Independent Contractor (Newspaper Carrier), Virginia From Above: The Diamond District, Former Virginia basketball coach Terry Holland dies after battling Alzheimer's, Poll: Youngkin trails Trump, DeSantis in Va. GOP presidential preference, Farmville native caught with 42 lbs of cocaine, $862K in drug money gets 17 years. I think (the investors) interest shows the growth potential for West Creek, said Rob Finnegan, a West Creek board member and a partner at 2nd Order Solutions, a Henrico-based consulting firm. Headquarters Glen Allen, Virginia. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. We have better machine-learning algorithms that enable us to do a better job underwriting consumers. Exciting new name. Artificial Intelligence & Machine Learning, Co-Founder, Chief Executive Officer and Board Member, Youre viewing 2 of 9 competitors. While the company does not reveal details about its computer algorithm, Muth said its decision-making methodology enables it to get approval rates exceeding 70 percent for lease-to-own deals that typically average about $1,000 in value. Nope, youre all set! West Creek Financial Inc., a Henrico County-based company that provides lease-to-own financing for furniture and appliances, said Tuesday that it has raised $10 million in equity to support further business development. Dealer Login; Customer Login; Payment. Active, Closed, Last funding round type (e.g. If you pay in full by 100 days, you pay only a $40.00 initial . Its employee growth coincides with the growth of its customer base. What Is Lease-to-Own? Copyright 2023 Metro Mattress Corp. All Rights Reserved. So, weve been working behind the scenes to ensure your transition will be as seamless as possible. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. (renews at {{format_dollars}}{{start_price}}{{format_cents}}/month + tax). Brochures from West Creek Financial are placed at Atlantic Bedding & Furniture in Henrico. At Koalafi, we understand that some purchases just can't wait for "someday." West Creek Capital is a hedge fund Whalewisdom has at least 9 13F filings, and 11 13D filings. Get up-to-the-minute news sent straight to your device. View contacts for Koalafi to access new leads and connect with decision-makers. It uses big data to maximize approval rates and technology to . The merchant name on your billing statement will change from "West Creek Financial, Inc." to "WCREEK KOALAFI"but you won't need to do a thing. If approved online, simply bring your approved application, account number, and photo identification to the Metro Mattress nearest you. When typing in this field, a list of search results will appear and be automatically updated as you type. The lease-to-own marketplace often has gotten a bad rep for hitting its customers who often lack good credit history or have limited funds with hidden fees and other costs that are not explicit in the deals, Muth said. Consumer buying habits are changing. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED. Were excited to share that the Koalafi brand is now here and we have changed our name from West Creek Financial to Koalafi (sounds like qualify). Will I have to change my automatic or ACH payments? Please enable JavaScript on your browser and try again. Loans issued by The Bank of Missouri, serviced by Koalafi. Soon after, Muth was joined in management by Mark Every a former manager at AMF Bakery Systems, Capital One and International Paper Co., and a former U.S. Navy officer who became West Creeks chief operating officer in early 2016. Saunders said the biggest challenge for West Creek going forward is to continue hiring good talent and scaling retailers at its present pace. We are immensely proud of what we accomplished as West Creek and are excited to continue to deliver exceptional financing products and services under our new brand. Chief Financial Officer Greg Owens and office manager Amye Bailey work at West Creeks office in the Innsbrook Corporate Center. The merchant name on your billing statement will change from West Creek Financial, Inc. to WCREEK KOALAFIbut you wont need to do a thing. The complaint divides this class into two subclasses. West Creek Financial Deceptive and Unlawful Rent-to-Own Agreement NY Class Action Plaintiff Rawle Daisley believed he was entering into an agreement to pay $1,500 for a laptop and stereo speakers, free of finance charges as long as he paid the amount within ninety days. Other investments include construction tech company Katerra and health insurance startup Clover Health. On The FAM's Dos Marcos show, Koalafi's Craig Leffew discusses how furniture and mattress businesses can get more customers approved for financing, on the first try. If you want to see an evening movie at Movieland at Boulevard Square, soon youll have to be age 17 and over. Cision Distribution 888-776-0942 In order to foster transparent, civil conversation, please include your full name when posting comments. However, the complaint for this class action says he found he was being charged $2,700, with money being subtracted from his bank account every two weeks without his permission. At its office in the Innsbrook Corporate Center in Henrico County, West Creek Financial is using cutting-edge tools of computing and old fashioned customer service to build a national. Mark Every (left) is COO and Boomer Muth is CEO of West Creek Financial, which is able to analyze large sets of financial data and approve more customers for lease-to-own deals. West Creek partners with over thousands of retailers nationwide to help customers in purchasing essential items, including furniture, mattresses, appliances, tires, and HVAC systems. The company, which provides lease-to-own financing for retailers, will fill just under 35,000 square feet, accounting for about half of The Current's available 70,000 square feet of office space. He can be reached at [emailprotected] or 804-855-1037. Koalafi offers a single financing platform with pay-over-time products and services for every type of customer. Win whats next. US 100 101. Based on West Creek Financial, Inc., the KOALAFI trademark is used in the following business: financing services; loan financing; loan origination services; lease-purchase financing; providing information in the field of durable goods financing; credit modeling and underwriting in the field of financial loans , Software as a service (SAAS) At its office in the Innsbrook Corporate Center in Henrico County, West Creek Financial is using cutting-edge tools of computing and old fashioned customer service to build a national business. * Koalafi from West Creek Financial does perform a credit check on customers as part of the application process. If you have a . FOR ASSISTANCE WITH YOUR MEMEBERSHIP PLEASE EMAIL [emailprotected]. Find out more at https://westcreekfin.com/hellokoalafi/ According to the complaint, the salesperson there told him the store needed a copy of his drivers license for verification of his identity for the financing arrangement. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}, Independent Contractor (Newspaper Carrier), Virginia From Above: The Diamond District, Former Virginia basketball coach Terry Holland dies after battling Alzheimer's, Poll: Youngkin trails Trump, DeSantis in Va. GOP presidential preference, Farmville native caught with 42 lbs of cocaine, $862K in drug money gets 17 years. Metro Mattress financing is provided by Koalafi from West Creek Financial. An additional funding capacity will go a long way toward expanding our reach and allowing us to continue our growth trajectory.". To win customers, we also have to be a company that is very service-focused, Muth said. Website www.koalafi.com Formerly Known As West Creek Financial Ownership Status Privately Held (backing) Financing Status Private Equity-Backed Primary Industry Financial Software Primary Office Post Office Box 5518 Glen Allen, VA 23058-5518 United States +1 (844) 000-0000 Koalafi Timeline 2020 2021 2022 2023 The right financing solution can be a significant growth lever for your business, but do you know what to look for in a financing vendor? The company keeps its headquarters at 4951 Lake Brook Drive in Innsbrook. Since booking its first retail customer in November 2014, West Creek Financial has sold its services to 550 retail stores in 32 states. Our goal at West Creekhas always been to deliver superior products and excellent service that exceeds your expectations. West Creek looks at larger data pools than simple FICO credit scores, and Muth said the company looks for reasons to say yes, where our competitors look for reasons to say no. Yet even with higher approval rates, the company is able to use its data systems to keep its risk profile in line, he said. FIRST USE: 20200224. Finnegan said revenue for the first quarter was three times what it was in the same period last year, without disclosing an amount. The company also plans to use the funds to pay for additional personnel needed to handle business growth, including coders, data scientists, office staff, call center representatives and administration. We offer a transparent, and affordable no credit needed financing option. He said about 30 percent of the businesss customers do lease-to-own financing. No Hidden Fees. For Business For Customers. West Creek Financial is a a retail financing provider. You have permission to edit this article. You can continue to reach us at the same number and hours as you always have. Fill out this form for a FREE and prompt case evaluation. Aaron Rohrer (left) of Atlantic Bedding & Furniture on Mechanicsville Turnpike in eastern Henrico County, helps shopper Brian Salerno of New Kent County. The company sent him a Lease Agreement with Ownership Option with a digital signature, but Daisley says the signature was not his. Advanced. West Creek was built on a foundation of excellent customer service, which continues to be a pillar of their business today, and one of the main reasons for their success. It is very simple and clean, Cavaliere said. According to the complaint, he did not sign any other document. We have a little over 40 employees now, and in the next six months we will double our staff, Muth said. Well continue to provide the outstanding customer service and financing products youve come to expect, but with more to offer in even more locations! We will continue to put as much emphasis on service and support as product and technology. West Creeks secret sauce as Muth puts it is a proprietary computer program that enables it to analyze large sets of financial data and approve more customers for lease-to-own deals, in a way that is more transparent for the buyer than the typical kinds of deals offered in the lease-to-own marketplace. For more information, please visit our website at www.nb.com. There are an estimated 100+ million US customers looking to pay for purchases over time. This process is automatic. We now have over 1,300 retailers across the country, so we are a national company now, Muth said. | Privacy Policy | Careers. The last dairy farm in Hanover County is forging a new path with the addition of a great American comfort food: ice cream. Payments will be made automaticallyjust as they are today. Call or visit a Metro Mattress store location for complete details. Contact Email info@koalafi.com. In which the purchase occurred at a vendors New York location or online where the vendor is incorporated or headquartered in New York. West Creek: West Creek provides funding to dealers via ACH transfer 24-48 hours after the customer's items are delivered. Email notifications are only sent once a day, and only if there are new matching items.