Trucking industry software platform Trucker Path announced this week it has tapped online lending marketplace Lendio to embed small business lending tools within its mobile app.
Lendio, will offer Trucker Path’s community of one million users a range of financing services, including asset or revenue-based financing, debt financing, lines of credit, and equipment financing.
“Lendio brings much needed capital to trucking businesses, who have traditionally been underserved by banks,” said Trucker Path CMO Chris Oliver. “Their loan products, which are tailored for transportation businesses, can be used to buy, upgrade or repair equipment, invest in technology to gain a competitive advantage, and expand operations or add staff.”
Lendio has already funded over $330 million for trucking businesses, and will now offer a range of its financing services to the Trucker Path community of users.
Trucking businesses can access Lendio’s financing tool within the Trucker Path mobile app. Users can apply for financing from Lendio’s network of lenders in as little as 15 minutes via a process that will not impact the applicant’s credit score. Lendio makes the capital available as quickly as 24 hours. Lendio offers applicants access to a dedicated expert who can discuss their needs and help them decide on the most suitable financing option for their particular situation.
“With Lendio’s Embedded Lending, Trucker Path users will now have faster access to financing from a variety of lenders that best meet their business’ needs,” said Lendio CEO and Co-Founder Brock Blake. “We know access to capital can be a big roadblock for many small businesses, and our marketplace has helped hundreds of thousands of businesses with this – including many in trucking and transportation – over the past decade. This partnership aligns perfectly with our mission to create a world where small businesses survive and thrive, and we’re so excited to work with Trucker Path.”
Since its 2011 launch, Utah-based Lendio has functioned as a matchmaker between small businesses and lenders. Businesses seeking funding can submit a single application to Lendio, tapping into its network of over 75 lenders. The platform then pairs each business with a suitable lender from the company’s in-house network.
The company positions itself as a mission-driven organization, and lives up to its word. When the coronavirus hit in 2020, the U.S. Small Business Administration passed the CARES Act and Paycheck Protection Program (PPP), and Lendio became a critical resource for merchants across the nation. The company saw that many small businesses were experiencing mass confusion around different types of relief programs, and quickly created a COVID-19 Relief Hub on its website to educate business owners, help them apply for funding, and match them with one of its lender partners. Additionally, for every new marketplace loan Lendio facilitates, Lendio Gives—an employee-contribution and employer-matching fund, in partnership with KIVA–provides a microloan to low-income entrepreneurs around the world, continuously re-investing the fund.
Lendio, backed by the likes of Runa Capital and Comcast Ventures, has secured over $108 million in funding. Most recently, the company took in $31 million in a 2020 round led by Mercato Partners. Lendio has made three acquisitions, most recently purchasing online lending platform QuarterSpot in 2021 for an undisclosed amount.
Photo by Robson Hatsukami Morgan on Unsplash
