Lendified Holdings, Inc. (Lendified), a Canadian-based lending technology company, announced on Tuesday it received a $20 million credit facility from Liquid Capital Corporation to support the growth of its Canadian small business lending activities.
The online lender, which launched in early 2015, currently provides small businesses with access to working capital from $5,000 to $150,000 for terms up to 24 months. It also provides third party financial services firms including banks, credit unions, and other firms dealing with small businesses with a “software-as-a-service” tool that enhances the risk review process of small businesses applying multi-source data analytics with advanced algorithms which provide a best in class view of the current and future performance of small businesses.
Lendified purchased Mention Technologies, Inc. earlier this year to add additional data and analytic capabilities to its credit adjudication model. Sol Roter, president and co-founder of Liquid Capital, stated:
“We are pleased to have formed a funding partnership with Lendified. Lendified exemplifies today’s merger of lending skillsets, quality management and technology within the “Fintech” world of financial services. Lendified’s advanced methodologies around credit analysis, while leveraging technological access to information is very, very impressive. It is our plan that this partnership will bring opportunities for efficiency and referral across our respective platforms as well. This transaction represents an important addition to the Liquid Capital portfolio and provides an outstanding opportunity to showcase Liquid Capital’s increasing commitment and interest in technology-driven financial services.”
Co-founder and CEO of Lendified, Troy Wright, added:
“Lendified now has the capital it needs to grow the lending component of the company’s strategy. This financing marks the next step in the company’s strategy of moving the loan book to a position of strength and sustainment. The benefits of working with Liquid Capital on not only this financing but with a number of potential synergies for both parties makes this financing that much more appealing.”