QuarterSpot

About QuarterSpot

QuarterSpot, Inc. was a financial technology company founded in 2011 by Adam Cohen that operated an online lending platform for small and medium-sized businesses. The company was headquartered in Reston, Virginia, with an additional office in New York.

The platform utilized artificial intelligence and data analytics to process loan applications, assessing a business's creditworthiness by analyzing real-time data from bank accounts and credit profiles to deliver pre-approval decisions quickly. It specialized in providing short-term, unsecured working capital loans ranging from $5,000 to $250,000. The target clients were small businesses, particularly those with weaker credit profiles that struggled to secure traditional financing. Repayment terms were typically offered in increments of nine, twelve, or eighteen months, with daily or weekly remittances. While the service offered rapid funding, often within one business day, its annual percentage rates (APRs) were high, ranging from 30% to 70%.

In January 2020, QuarterSpot announced it would cease originating new loans to shift its business focus, though it continued to service its existing loan portfolio. Subsequently, in May 2020, certain assets, including its technology and algorithms, were acquired by Lendio, a marketplace for small business loans. The acquisition was part of Lendio's strategy to enhance its own lending platform and underwriting capabilities.