Lendio, a Lehi, Utah-based marketplace for small business loans, secured $55m in Series E funding.
This included $31m in equity led by Mercato Partners’ Traverse Fund with participation from existing investors including Napier Park Financial Partners, Comcast Ventures, Blumberg Capital, Stereo Capital and Runa Capital. and a $24m debt facility from Signature Bank.
The company intends to use the funds to increase the scope and precision of its loan marketplace while expanding new bookkeeping and lender services functions.
Led by Brock Blake, CEO and co-founder, Lendio is a free online marketplace that leverages machine learning to allow business owners to find the right loans within minutes. With a network of over 75 lenders offering multiple loan products and over 100,000 small business loans funded, the marketplace has enabled strategic partnerships between Lendio and market leaders including American Express, Heartland Payment Systems, PayPal, LendingClub, Kabbage, NerdWallet, Comcast Business, Staples and Funding Circle.
FinSMEs
27/02/2020