Lendio, the nation’s largest marketplace for small business loans, recently announced it secured $55 million in capital, including $31 million in equity led by Mercato Partners’ Traverse Fund and a $24 million debt facility from Signature Bank.
The funding enables Lendio to increase the scope and precision of its loan marketplace while expanding new bookkeeping and lender services functions.
“This $55 million round is a significant milestone in Lendio’s mission to fuel the American dream as a financial matchmaker that brings high-tech, high-touch capital to the small business economy,” said Brock Blake, CEO, and co-founder of Lendio. “With these funds, we are strongly positioned to grow our existing platform as a trusted loan facilitator that supports both lenders and borrowers, while building out a range of new integrated lending services that get the right loans into the right hands at the right time. We are grateful for the continued support and trust of our investors who believe in our growth strategy.”
Small business owners complete a 15-minute online loan application that is processed by Lendio’s machine learning algorithms and matched with a pool of suitable lenders. Lendio’s team of loan experts reviews these options with the business owners and facilitates a loan that works best for both the entrepreneur and the lenders—often within 24 hours.
“Lendio’s ability to combine innovative technology and data analytics with the human touch required to quickly and precisely connect small businesses with well-matched lending partners has made all the difference in its success,” said Ryan Sanders, senior investor at Mercato Partners Traverse Fund.
Over the past two years, Lendio’s year-over-year growth rate has averaged 75%. The company has grown to be the largest small business financing marketplace in the United States—facilitating more than 100,000 loans totaling $2 billion—through a combination of leading technology, data science and personalized expert guidance.
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