U.S.-based online lending platform Lendio announced on Wednesday the acquisition of Billy and the launch of its bookkeeping software for small businesses, Sunrise, which is a freemium bookkeeping software to meld accounting, cash flow management, loan, and credit information into a single platform.
According to Lendio, Sunrise is also a user-friendly cash flow, billing, and expense tracking solution. It provides solopreneurs and small business owners customized access to Lendio’s marketplace of business loans and customer service.
“Small businesses say cash flow is one of the biggest challenges they face this year, according to a recent Lendio survey of 550 small business owners. Additionally, data from the Lendio platform shows that two-thirds of micro businesses are not currently leveraging an online accounting software. Sunrise aims to give business owners more accurate, real-time insight into their business finances. In turn, business owners will be able to better visualize their cash position, better understand their financial health and better predict their future capital needs.”
While sharing more details about the acquisition, Brock Blake, CEO and Founder of Lendio, stated:
“We are very excited to announce the acquisition of Billy and the re-brand to Sunrise. The Sunrise platform will bring together previously disparate sources of information for small business owners, such as accounting, loan and credit data. It’s our goal for Sunrise users to feel more confident in making financial decisions that help their businesses grow.”
Lendio then noted that in addition to billing, the free version also allows business owners to easily sync bank accounts and credit cards, categorize and track expenses and income, and store receipts in a central location. A paid subscription to Sunrise allows growing businesses to expand accounting capabilities by using Sunrise’s tech-enabled bookkeeping experts. Lendio added:
“A Sunrise mobile app is currently in development. Over time, other features will be added to Sunrise including auto categorization, a tie-in to tax software as well as more sophisticated loan integrations.”
