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Bizfi Reaches $1.8 Billion Small Business Lending Milestone

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Courtesy of more than $144 million in originations in the second quarter, small business lending platform Bizfi has just surpassed $1.8 billion in financing to more than 31,000 small businesses since inception 12 years ago. The gains represent a 25% year-over-year increase.

Bizfi founder Stephen Sheinbaum credited partnerships—with Western Independent Bankers (WIB) announced in March, and the National Directory of Registered Tax Return Preparers & Professionals (PTIN) announced a few weeks ago—for his company’s ability to provide financing to an expanding universe of small businesses. And this is especially true in the case of small businesses that have had a difficult time raising funds. “We will continue to forge these white-label partnerships with companies that have existing small business relationships,” Sheinbaum said, “with the goal of solidifying the Bizfi brand and expanding our reach.”

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Bizfi founder Stephen Sheinbaum demonstrated the Bizfi platform at FinovateFall 2015 in New York.

Bizfi specializes in combining aggregation, funding, and a marketplace on a single platform for small businesses. This enables Bizfi to provide access to third-party brokers and a direct sales force, cash advances and small business loans, as well as a market that enables institutional investors to participate. The combination of features makes Bizfi unique among alternative finance companies, providing its solutions to its strategic partners via API as both white-label and co-branded options. The company has more than 45 funding partners, including fellow Finovate alums OnDeck, Dealstruck, and Kabbage.

Founded in 2005 and headquartered in New York City, Bizfi demonstrated its technology at FinovateFall 2015. In June, the company picked up a $20 million investment from Metropolitan Equity Partners, bringing Bizfi’s total capital to $85 million.