One of the fastest-growing online merchants ranked in the Internet Retailer 2016 Second 500 Guide is poised for more sales gains this year. FlexShopper Inc. has raised $20 million in cash to invest in growing its business.

FlexShopper operates a lease-to-own online marketplace for electronics and home goods at FlexShopper.com where consumers can apply online for a line of up to $2,500 credit toward purchase of some 85,000 products. Consumers make weekly payments on their purchase, and after one year of payments will own the item. They can also choose to pay for the entire purchase before the year is up, and will own the item at that time. Unlike a credit card, FlexShopper’s payment system does not require fees or a long-term commitment, nor does it require any money down from the consumer.

The cost of the financing is built into the price of products on FlexShopper. For example, an Insignia 50” 1080 high-definition television is listed for $15.00 per week on FlexShopper.com, which amounts to $780.  That same product sells on BestBuy.com for $329.99. The merchant says its payment model benefits consumers that have a hard time qualifying for a traditional credit card due to bad credit ratings.

The merchant also licenses its patent-pending payment and credit application software to other online retailers such as TheGuitarFactory.com and ElectronicExpress.com so they can offer lease-to-own payment terms to consumers on their own site.

B2 FIE V LLC, a company affiliated with private investment firm Pacific Investment Management Company LLC, led the funding round.

FlexShopper says it will use the funds to accelerate growth on its website and via other channels. “This equity financing bolsters the strength of our balance sheet and ensures that we are well positioned to execute our core mission of enabling lease-to-own consumers to shop online for what they want, where they want, while also providing retailers and e-retailers with multiple digital channels to increase their sales with lease-to-own consumers,” FlexShopper CEO Brad Bernstein says. “We look forward to expanding our offerings to this market, which is a market we estimate to be in excess of $20 billion.”

FlexShopper, No. 607 in the Second 500, generated $20.7 million in online sales last year, up 312.4% from $5.0 million in 2014. That earns FlexShopper the No. 6 spot in terms of fastest-growing online merchants among the small and midsized tier of e-retail. Of the 80 online merchants ranked in the Internet Retailer Top 1000 consumer electronics category, FlexShopper is the fastest-growing.