|By PR Newswire||
|April 16, 2014 12:30 AM EDT||
WILMINGTON, Del., April 16, 2014 /PRNewswire/ -- East Atlantic Investment Corporation (EAIC) today announced the launch of a new startup it has helped to fund. Named Pango Financial LLC (Pango), the company will focus on enabling clients to fund the acquisition or recapitalization of new or existing businesses. East Atlantic Investment Corporation's investment portfolio has included student lending, financial services, and the life sciences industries.
Former bank executives William Keenan, Kevin Foley, and Kim Paternoster have joined forces in to orchestrate a successful launch for Pango. Foley and Paternoster serve as Directors of EAIC, each coming from careers with financial institutions including JP Morgan, NatWest, Mellon Bank and First USA. Keenan is the newly appointed Chairman and CEO of Pango, and was previously Chairman and CEO of Ceigis LLC – a student loan consolidation company. In addition, he formerly held executive leadership positions at NatWest Bank, Allied Irish Bank, Mellon Bank, and Beneficial Finance.
Through its core product, the DreamSpark plan, Pango provides an alternative funding solution to the small and medium size enterprise (SME) market. The plan allows people to utilize retirement funds to invest in the acquisition of a new business or fund an existing business. The product permits qualified investments, which are not subject to penalties or taxes, for early withdrawal. Within its industry, Pango Financial is the only provider with an end-to-end online solution that includes free incorporation, free first year registered agent, and free business valuation.
"Pango provides options for those that need capital infusion for acquisitions or recapitalizations," said Paternoster, who oversees the financial services category for the firm.
"We believe Pango Financial complements bank services and opens up options for individuals to put more equity into transactions and thus enables lenders to lend more," added Foley.
Pango Financial will originate new customers through direct marketing, social media, and partnership referral programs. The partnership referral program includes white labeling the website for select partners. The company is currently also looking for lending partners to complement its service to the SME market.
"We look forward to working with banks to market our product, enabling their clients to put more equity into transactions and reduce underwriting risk," said Keenan.
About Pango Financial LLC
Pango FinancialTM is the leader in providing online and on-the-go launch and growth solutions to entrepreneurs and small businesses at the lowest cost without compromising value. The company's mission is to make its clients business dreams a reality – for less. Its team of experts boasts over 75 years of combined experience in the financial, banking, and marketing industries.
Pango's signature DreamSparkTM plan unlocks retirement savings to drive investment for the future, completely tax deferred and penalty-free. As the price leader, Pango invites prospective clients to comparison shop to confirm that Pango Financial provides the highest value at the lowest cost.
SOURCE Pango Financial LLC