Premiere fintech company, Bizfi, announced on Tuesday an increase of 25 percent in year-over-year small business lending originations in the second quarter of 2016, which totals more than $144 million, compared to $116 million in 2015’s second quarter. Bizfi also reportedly reached its $1.8 billion lending mark to more than 31,000 small businesses.
Bizfi reported that small businesses are going to its platform to access financing directly from the company or accessing the dozens of partners who participate in the marketplace. It was also noted that several companies, which serve small businesses, have white-labeled the Bizfi platform to provide these businesses with access to SMB financing.
Bizfi reflected on its recent partnerships, Western Independent Bankers (WIB) and the National Directory of Registered Tax Return Preparers & Professionals (PTIN). Bizfi founder Stephen Sheinbaum stated:
“Partnering with organizations like WIB and PTIN provide Bizfi with the opportunity to fund more small businesses around the United States – ones that may have otherwise been turned down by more traditional options. We will continue to forge these white label partnerships with companies that have existing small business relationships, with the goal of solidifying the Bizfi brand and expanding our reach.”
In regards to Bizfi’s latest accomplishments, Sheinbaum then added:
“Bizfi’s steady growth is a clear indication of the financial needs of small business owners, and how alternative finance companies have stepped up to meet those needs. Our technology enables us to underwrite and fund more businesses than ever before so they may receive the capital they require to grow, create jobs and positively impact our economy.”