Who said alt-lenders are going out of style? Small business financing provider BizFi garnered some funding of its own today. Metropolitan Equity Partners, which has been a backer of the New York-based company since 2013, funded BizFi with $20 million this week.
Combined with the company’s December 2015 round of $65 million, this brings its total capital to $85 million. BizFi will use the round to bolster its small business financing products, offer funding faster, and boost marketing to small-to-medium sized businesses.
Launched in 2005, BizFi offers a host of funding options, including equipment financing, invoice financing, SBA loans, and more. At FinovateFall 2015, BizFi showed its aggregation engine that supplies 35 online and offline partners including OnDeck, Kabbage, and Bluevine with a white-labeled, co-branded funding solution.
In April, Stephen Sheinbaum, the company’s founder, was featured on CNBC’s Squwak Box. During the segment Sheinbaum said, “I think you’re going to see the major banks and the community banks leverage our technology and our ability to make decisions in fractions of seconds, as opposed to the weeks and months it takes now.” BizFi’s marketplace and funding technologies have furnished $1.7 billion in financing to more than 30,000 small businesses.