Internet incubator Internet Capital
Group Thursday forked over $450 million in stock for a stake
in finance site eCredit.com.
Specific financial terms were not disclosed.
eCredit.com is the market leader in connecting businesses to financing
partners and global information sources to permit real-time, credit and
financing decisions. Its global financing network is the first
Internet-based integrated financial transaction-processing platform capable
of consummating transactions online in real time.
ICG (ICGE)
will use eCredit.com’s technology to allow its partners and other
businesses to offer a variety of online payment options such as trade
credit, leases, loans and other financing alternatives.
“eCredit.com’s role in financial fulfillment is at the core of doing
business on the Web and will serve as a cornerstone for our vision of
providing a complete infrastructure solution for our e-commerce partners,”
said Ken Fox, co-founder and managing director at Internet Capital Group.
“eCredit.com’s ability to cut processing time for credit and financing
applications, by providing direct links between businesses and financial
institutions, makes it a market leader in the e-commerce financial services
industry.”