Lendio, which claims to be the nation’s “leading” small business financial solutions provider, recently announced it had obtained its SOC 2 certification from the American Institute of CPAs (AICPA) for its small business loan marketplace.
As noted in an update shared with CI, SOC 2 is “a voluntary compliance standard issued by outside auditors to ensure service providers securely manage their data to protect the interests of the organization and the privacy of its customers.”
As such, Lendio’s decision to pursue this certification by choice “signals the company’s ongoing dedication to building trust and confidence within the small business lending community in the United States.”
Ethan Hanson, Senior Vice President, General Council for Lendio, said:
“Lendio has experienced exponential growth in the past couple of years, particularly in the wake of PPP. As we continue to gain market share, it was important for us to obtain SOC 2 certification. We are excited to share this third-party audit and credential with our current and future partners, as it speaks to the high standards we hold for our business practices and the more than 330,000 small business owners we serve.”
A SOC 2 report details a service organization’s controls “relevant to five Trust Service Principles: security, availability, processing integrity, confidentiality, and privacy.”
Confidentiality and security “are typically the main focus areas for most companies, but Lendio elected to focus on all five.”
As covered, Lendio is one of the “leading” small business financial solutions provider. With its diverse network of lenders, Lendio “enables small business owners to apply for multiple business financing options with a single application.’
To date, Lendio has “facilitated more than 330,000 small business loans for more than $12 billion in total funding, including $9.8 billion in PPP loan approvals as part of government COVID-19 relief.”
In addition to creating access to small business capital, Lendio claims that it “offers time-saving financial SaaS products designed to streamline business operations.”
Lendio is “a values-driven organization striving to provide equal access to capital to underserved communities and America’s smallest businesses.”
For every new marketplace loan Lendio facilitates, Lendio Gives—an employee-contribution and employer-matching fund—”provides a microloan to low-income entrepreneurs worldwide.”
In addition, Lendio ranks “on Fortune’s Best Workplaces in Financial Services & Insurance and Inc.’s Best Workplaces three years in a row.”