Herio Capital, an online marketplace lender, announced on Tuesday it has funded over $20 million to American entrepreneurs and small businesses since launching in February 2015. The news comes after successful third and fourth quarters that have Herio poised for another year of growth in 2016.
Sherif Hassan, CEO of Herio Capital, stated:
“We have lots to be grateful for and even more to be excited about in 2016. We’ll continue to see growth from our current distribution channels and see additional revenue from our new partnerships. Strategic relationships are proving to be critical for cost effective borrower acquisition and improved customer experience resulting in increased lifetime value. We are well positioned for these relationships due to our product vision, technology initiatives, and deep understanding of the industry.”
Patrick Janson, co-founder and CPO of Herio, commented:
“When we started Herio, we saw a huge opportunity to improve upon the software that currently supports the marketplace lending industry. Our vision for Herio’s technology is to reduce loan request processing time while increasing underwriter productivity and accuracy through automation. The result is fairly priced capital for borrowers and consistent risk adjusted returns for our investors on a scalable platform.”
Hassan added:
“Reaching the $20 million funding milestone is a testament to the execution, creativity, and diligence of everyone at Herio. We are grateful to our team and our loyal industry partners. We are excited about the advancements our industry will make in the next period as we continue to design the future of credit.”