Despite the many struggles that many experienced in 2020, digital loan marketplace Lendio was able to survive the past twelve months with an increase in annual revenue.
Since platform launch, Lendio has facilitated $10 billion in over 216,000 loans. Lendio works with more than 74 lenders to provide credit to SMEs in need of funding. Founded in 2011, Lendio is a free (for the borrower) digital service that connects business owners with small business loans.
Along with the increase in annual revenue, Lendio also achieved other milestones, including raising $55 million through its Series E funding round. The lender also helped more than 115,000 small business owners with the Paycheck Protection Program (PPP) loan approvals. – part of the US government’s support package for SMEs.
Earlier this week, CI caught up with Lendio CEO and Founder, Brock Blake, to discuss the online lender’s progress in 2020. See our discussion below.
During 2020, what are some milestones that Lendio experienced throughout the year?
Brock Blake: It’s hard to comprehend how much has shifted in the last year. Lendio started 2020 with a bang, announcing a $55 million Series E funding round and ramping up several new divisions of the company. However, that was soon eclipsed by the team’s pivot to facilitating PPP loans. In total, we helped over 115,000 small business owners to get $8 billion in PPP loan approvals. This meant that in the blink of an eye, Lendio went from $2 billion in loans facilitated to $10 billion in loans facilitated. While I sincerely wish that small business owners didn’t have to endure the economic devastation of 2020, I am incredibly proud of the Lendio team for working tirelessly to help so many businesses access relief funds.
Brock Blake: It increased significantly. Over the last two years, Lendio had grown nearly 75% YoY, and even amid the turbulence of 2020, we saw an increase in annual revenue.
Compared to competitors, what makes the Lendio platform stand out?
Brock Blake: I genuinely think it is our team members that make Lendio stand out. Yes, we have incredible technology at our disposal and excellent partners that enhance our value. But I believe it’s our team members who are focused on serving business owners and tackling tough issues that really make us shine. One significant shift we had last year was changing our internal mission from “Fueling the American Dream” to “Saving the American Dream,” and our team invested wholly in that. From our developers to our marketers to our loan specialists, everyone is 100% on board with this mission and it shows.
Any plans for the upcoming year in terms of Lendio’s platform growth and development?
Brock Blake: Lendio has relaunched its PPP application and will continue to match applicants with SBA-approved lenders as long as these funds are available. One big change for us in this round of the program is that we have the capacity to keep our loan marketplace open while also facilitating PPP loans. As the economy begins to reopen, Lendio will be able to offer term loans, lines of credit and other products to meet small business owners’ financing needs. We also continue to integrate our Sunrise bookkeeping service into our loan marketplace. Sunrise has been a valuable service in assisting business owners with the PPP loan forgiveness process. Not only that, but giving businesses a leg up in terms of monitoring their cash flow will help them on the path to financial recovery and rebuilding. Lendio continues to bring on new lenders and partners to enhance the platform and we do have some other exciting announcements coming soon.