P2Binvestor (P2Bi), a crowdlending platform for commercial lines of credit, announces more than $50 million in invoices funded since signing its first direct client in May 2014.
To date, P2Bi has financed the growth of companies in technology, natural foods and products, manufacturing, energy, and personnel services with average annual revenues ranging between $500,000 and $25 million.
Krista Morgan, P2Bi CEO and co-founder, stated:
“Exceeding $50 million in purchased invoices in 10 months is a huge achievement for us. It speaks volumes about the market demand for our product and the hard work of our amazing team. I am confident our rapid growth will continue in 2015 as we launch new products; I’m especially excited about the first revolving line of credit for SaaS companies and a free-fill loan product for our natural foods customers.”
P2Bi’s crowdsourced funding model reduces its effective cost of capital, creating room for more flexible rates and terms for its clients. A crowd of accredited investors participates in funding each credit line, and investors earn a fair return on the platform in exchange for supporting P2Bi’s clients.
Executive vice chairman and co-founder of P2Bi, Bruce Morgan explained:
“The last year has been about proving we can underwrite effectively and be a good partner to the great companies we are funding. Our innovative crowdfunding model has enabled us to achieve in a short amount of time what a traditional alternative finance company would take years to accomplish.”
P2Bi can provide working capital financing of up to $5 million per client—normally secured by accounts receivable, future contractual revenue flows or other assets. The company’s aim is to improve access to working capital for growing businesses with a new generation of financing products.