Become, formerly known as Lending Express, has surpassed $200 million in matching online lending to SMEs in need of growth capital. The news was revealed in a release earlier this week where the Israel-based Fintech said the milestone was indicative of the “company’s impressive growth” and its mission to empower SMEs.
Become describes itself as an “Expedia-like’ marketplace” that puts borrowers in the position to receive multiple funding options. This process facilitates competition giving them the ability to choose the terms that best suite their needs. The lending process can be completed quite rapidly with some small business owners securing a loan offer in just 24 hours.
Become notes that in 2018, there was a funding gap of $5 trillion between the financing needs of SMEs and financing available to them worldwide. Currently, only 28% of US small business loan applications filed with big banks are approved, says the company.
Eden Amirav, CEO and co-founder of Become, says the “lending industry is inherently broken” and his platform provides access to capital for the companies in need of growth funding.
Over the past 12 months, Become reports a 38% increase in the number of loans and a 20% increase in customers, culminating in an impressive 100% increase in total loans matched since January 2019. Become expects to increase its amount of US funding and customers by 15% and 10%, respectively, over the next quarter.
Become operates a marketplace with more than 50 lenders including Paypal, OnDeck, and Kabbage.