LSQ, a provider of working capital finance and payments solutions, acquired Qwil, a San Francisco-based financial technology company that provides early payments to staffing firms.
Founded in 2015 by Johnny Reinsch, Paul Tiplady and Trevor Branon, Qwil provides the contingent staffing market with financial tools and solutions. The company’s marquee service is an embedded finance product that offers early payments to staffing firms, helping them have liquidity up to 180 days before they’re paid by their clients.
“Both Qwil and LSQ have a similar mission, which is to make access to working capital easier,” Dan Ambrico, CEO of LSQ, said. “Qwil has built a compelling embedded finance platform for the contingent staffing market, and that fits well with LSQ’s strategic vision and the direction we’re headed. There is a perfect combination of the great user experience Qwil has built with LSQ’s working capital funding and payments management capabilities. I think those two things have powerful synergies and we’ll continue to advance the integration work they’ve already done with their partners.”
“We share common goals and LSQ has the resources to grow the mission we started,” Reinsch, who serves as Qwil’s CEO, said. “LSQ is a recognized leader in the supply chain and accounts receivable finance space with deep pools of capital and underwriting experience. By leveraging Qwil’s deep proprietary embedded finance integrations and LSQ’s existing experience in contingent staffing and professional services firms and credit and risk management, the new combo is extremely powerful.”
“Qwil’s early payments solution has been crucial for our company,” Amar Bamra, managing partner of Dynamic Consulting Group, a client of Qwil, said. “It’s exciting for us to see Qwil join with LSQ; as they grow, they can better help us grow.”
