U.S.-based online lending platform Lendio announced on Tuesday it has facilitated over $2 billion in loans to small businesses across the U.S. The online lender also reported that it has originated more than 100,000 loans as well.
Founded in 2011, Lendio claims to be a free online that helps business owners find the right small business loans within minutes. The online lender revealed it has facilitated more than 100,000 loans totaling $2 billion through a combination of leading technology, data science, and personalized expert guidance. While speaking about Lendio’s growth and development, Brock Blake, CEO and founder of Lendio, stated:
“My co-founder and I started Lendio because we saw that the traditional loan application process was daunting, time-consuming and ineffective for most small businesses. We understand the critical nature of access to capital for small businesses, both during slow times and during periods of growth. Lendio is proud to be a trusted facilitator of over $2 billion in capital to date, and we remain committed to making financing simpler for the millions of small businesses that fuel our economy.”
The latest milestone comes just a couple of weeks after Lendio announced it secured $55 million through its Series E funding round, which included $31 million in equity led by Mercato Partners’ Traverse Fund and a $24 million debt facility from Signature Bank. Lendio reported at the time that the funding round was oversubscribed by existing investors such as Napier Park Financial Partners, Comcast Ventures, Blumberg Capital, Stereo Capital, and Runa Capital.
Lendio added the investment will allow it to expand its online bookkeeping platform, Sunrise by Lendio and will also be used to enhance across its lender services division.