eCapital
Also a provider — view eCapital’s profile →“Can a rollup of specialty commercial-finance businesses become a unified technology-driven embedded-lending platform for SMBs across freight, healthcare, and B2B?”
Founded2006
HQMiami, Florida, USA
FoundersSteve McDonald
Latest roundAres Management growth partnership (2020)
IndustryFintech / Lending
The story
Founded 2006 as Global Merchant Fund Corp. buying distressed loans from the FDIC. Pivoted starting 2017 into an aggressive M&A rollup of specialty commercial finance — asset-based lending, factoring, freight factoring, payroll funding, healthcare AR, supply chain finance — across the US, Canada, and UK. Rebranded to eCapital in 2020 with Ares Management backing. Since 2023 has been repositioning as a technology-forward embedded lending platform, layering AI/ML on its underwriting stack and offering financing-as-a-service via APIs to freight, marketplace, and B2B platforms.
Product timeline
2006
Founded as Global Merchant Fund Corp. by Steve McDonald, acquiring underperforming loans from the FDIC and other banks.· founding
2017
Initiated M&A strategy; added asset-based lending via Gerber Finance acquisition.· acquisition
2018
Expanded into broader commercial finance with Paragon Financial Group acquisition; introduced mobile technology.· acquisition
2019
Launched Transportation Group via acquisitions of eCapital and Accutrac; debuted mobile app for transportation clients.· acquisition
2020
Established unified eCapital brand; partnered with Ares Management; entered UK via Advantedge; acquired Bibby Financial Solutions, Prosperity Funding, and Rev Financial Group.· pivot
2021
Acquired Instapay Freight Factoring and Flexible Funding; launched Visa commercial credit card program.· card
2022
Established Healthcare Group via CNH acquisition; added UMB Bank AR portfolio; surpassed $1B in Net Funds Employed.· acquisition
2023
Unveiled proprietary technology platform; expanded capital to $1.6B; joined Inc. 500.· banking
2024
Diversified into supply chain finance via LSQ acquisition; TAFS (transportation) and Optimum (UK) acquisitions.· acquisition
2025
Increased capital capacity to $2.6B across three syndicated credit lines.· banking
2026
Integrated AI across operations; launched Liquid Inventory for Amazon Sellers; partnered with 123 Loadboard.· product_launch
Acquisitions
LSQ2024
Entered supply chain finance.
TAFS2024
Strengthened transportation/freight factoring portfolio.
Optimum Finance2024
Strengthened UK presence.
CNH2022
Established dedicated Healthcare receivables group.
UMB Bank AR financing division (portfolio)2022
Portfolio acquisition from UMB Bank.
Instapay Freight Factoring2021
Added freight factoring/InstaPay same-day funding.
Flexible Funding2021
Added payroll funding capability.
Advantedge Commercial Finance2020
Entered UK market.
Bibby Financial Solutions (portfolio)2020
Expanded factoring portfolio.
Prosperity Funding2020
Portfolio acquisition.
Rev Financial Group2020
Portfolio acquisition.
Accutrac2019
Launched transportation/freight factoring group.
Paragon Financial Group2018
Expanded into broader commercial finance.
Gerber Finance2017
Added asset-based lending capabilities.
Regulated entities
4
regulatory licences held by eCapital
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in eCapital’s embedded-finance stack
Money movement
Card network
in the full report
Lending
in the full report
Payroll
in the full report
Accounting gap: significant
27 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.