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FIS Taps Lendio to Facilitate SMB Lending

FIS Taps Lendio to Facilitate SMB Lending
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, FIS, Lendio
  • FIS has partnered with online lending marketplace Lendio.
  • Under the agreement, FIS will leverage Lendio’s technology to fuel its new Digital Lending solution.
  • FIS’ Digital Lending tool aims to streamline and automate the lending process for financial institutions.

Payment, banking, and investment systems provider FIS has teamed up with online lending marketplace Lendio. The core banking giant is leveraging Lendio’s technology to launch its new SMB Digital Lending solution.

FIS’ new SMB Digital Lending solution seeks to offer small and medium-sized businesses (SMBs) easier access to capital by streamlining and automating the lending process for financial institutions. The new lending tool provides fully automated decisioning by combining big data and machine learning with underwriting expertise.

Leveraging Lendio’s technology, FIS’ Digital Lending solution will help banks source, underwrite, and fund SMB loans, making them more affordable for the borrower. By leveraging embedded transaction analytics, FIS’ Digital Lending will also offer lenders a holistic view of borrower health, pre-qualify SMB depositors, and help them create targeted marketing and sales campaigns.

“By partnering with Lendio, we are leveraging our unmatched scale and reach in the banking industry plus Lendio’s advanced small business underwriting technology and empowering financial institutions to profitably serve their small business customers,” said FIS Lending SVP Division Executive Steve Sabin. “The expansion of our digital banking capabilities illustrates FIS’ commitment to serving the entire money lifecycle—whether at rest, in motion, or at work—and I look forward to seeing the positive impact the solution brings.”

Adding a lending solution to its portfolio that focuses specifically on SMBs will complement FIS’ existing banking tools that cover both retail lending and commercial lending. FIS may be most well-known for its core banking services, but the firm also supports digital banking, payment processing, merchant acquiring services, consulting services, and more. Headquartered in Jacksonville, Florida, FIS has a current market capitalization of $42.8 billion.

“We are thrilled to partner with FIS, a global leader in financial technology, to help bring this SMB lending platform to banks across the country,” said Lendio CEO and Co-founder Brock Blake. “Our mission at Lendio is to fuel the dreams of small business owners by simplifying small business lending. FIS SMB Digital Lending is a perfect fit for that mission, as it enables banks to offer a fast, easy, and transparent loan process to their small business clients. Together with FIS, we are creating a win-win situation for banks and small businesses, and we look forward to expanding our reach and impact through this partnership.”

Lendio was founded in 2011, and has since helped to match small businesses seeking capital with suitable lenders. Businesses in need of funds can submit a single loan 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.

Photo by Bench Accounting on Unsplash

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Finovate Alums Join Mastercard Start Path Accelerator

Finovate Alums Join Mastercard Start Path Accelerator
By David Penn Posted on
Categories: FI.SPAN, Lendio, Subaio

FISPAN, Lendio, and Subaio are three of the ten fintech startups selected to participate in Mastercard’s upcoming Start Path accelerator program. The six-month accelerator will give startups the opportunity to collaborate with Mastercard on their solutions, as well as connect and network with members of Mastercard global ecosystem of banks, merchants, and technology companies.

“We all thrive when fintechs have access to the technology they need to reach scale and democratize finances,” Mastercard Chief Innovation Officer Ken Moore said. “We are partnering with the newest fintechs joining Start Path to drive inclusion, innovation, and trust with alternative ways to pay and authenticate, powerful solutions for small businesses, new ways to create efficiency for business payments, as well as address the wealth gap.”

Also participating in the program’s upcoming cohort are:

  • Carry1st
  • LISNR
  • Mocafi
  • Mo Technologies
  • Panda Remit
  • Paycode
  • Fanbank/Plink

All three Finovate alums shared the news Monday morning, either via social media or, in the case of Subaio, the company blog. “FISPAN is very proud and excited to work with Mastercard Start Path and start co-innovating,” the company announced on Twitter. “We’re excited to announce that Lendio is joining the Mastercard Start Path global network of fintech innovators!” tweeted Lendio.

FISPAN most recently demonstrated its cloud-based, API services management platform at FinovateFall last year. The Vancouver, British Columbia, Canada-based company was featured in our look at top Canadian fintechs over the summer. Look out for an upcoming Finovate interview with FISPAN Chief Technology Officer Clayton Weir on the company’s efforts to leverage open banking to help financial services companies better manage the economic fallout from the global health crisis.

A Finovate alum since 2011, Lendio has more than 75 lenders in its network who have facilitated more than 216,000 small business loans valued at more than $10 billion. Headquartered in Salt Lake City, Utah and founded in 2005, Lendio announced last month that it has processed more than $500,000 in microloans to women-owned businesses around the world. The initiative was launched via its Lendio Gives employee-contribution program, in partnership with international non-profit Kiva.

For its part, Denmark-based Subaio’s CEO Thomas Laursen added that joining Start Path would be a “huge opportunity to work together with Mastercard and validate(d) the potential within the subscription management service.” One of Finovate’s newest alums, demoing its technology at FinovateEurope in Berlin in February, Subaio offers a subscription management service that gives bank customers the ability to track and manage subscriptions and recurring payments. The company has eight partners in Europe and has processed more than five billion transactions since inception.

Founded in 2014, the Mastercard Start Path program has worked with more than 250 startups since inception. These companies have raised $2.9 billion in investments after leaving the program.

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Lendio’s Role in Keeping Small Businesses Afloat During COVID

Lendio’s Role in Keeping Small Businesses Afloat During COVID
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni profile, Lendio

We generally think of healthcare workers, grocery store employees, delivery drivers, and other essential workers as the main heroes of the coronavirus public health crisis. However, there’s one company worth mentioning that has risen to “hero” status for small businesses across the U.S.

That company, Lendio, has been serving small businesses since it launched in 2011 by matching small businesses in need of funding with lenders. After the coronavirus hit and the U.S. Small Business Administration passed the CARES Act and Paycheck Protection Program (PPP), Lendio became a critical resource for merchants across the nation.

After seeing the mass confusion around different types of relief programs and their application requirements, Lendio 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 300 lender partners.

Since April, Lendio has facilitated $8 billion in PPP loan approvals. The company has also helped more than 100,000 small businesses receive approval for PPP loans of an average size of $73,000. This is a massive increase in production for the Utah-based company which, prior to PPP, had facilitated $2 billion in loan approvals since it began operations nine years ago.

The 100,000+ PPP applications Lendio facilitated offered the company a large amount of data (and insight) into the applicants. The company published an analysis of that data last week. Here are some of the findings:

  • States in the Pacific region received 25% of PPP approvals, while those in the Mountain region received only 9%.
  • States in the Northeast and Pacific regions saw the highest average loan size ($80,518 and $79,507, respectively). The average loan size is lowest in the South Atlantic ($64,064).
  • Women business owners made up 32% of applicants.
  • Businesses in urban areas received 30% of the loans applied for, while suburban businesses received 28%, and rural received 39%.

As for what business owners can expect next, just as with the virus itself, the battle has not been won. “I think the next big market mover is going to be the realization that the PPP program actually had an enormous impact,” Sanders Morris Harris CEO George Ball in an interview with Yahoo Finance. “It worked. It kept the patient alive. But the half-life of the forgivable loans to small businesses comes up pretty soon, comes up mid-July to August.”

Photo by mauro paillex on Unsplash

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Lendio Lands $55 Million to Match Small Businesses with Lenders

Lendio Lands $55 Million to Match Small Businesses with Lenders
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding, Lendio

Online marketplace for small business loans Lendio landed $55 million in combined debt and equity funding today. The investment more than doubles the company’s previous funding, bringing its total to $108.5 million.

The equity portion of the Series E round was led by Mercato Partners’ Traverse Fund, which contributed $31 million, and included contributions from existing investors Napier Park Financial Partners, Comcast Ventures, Blumberg Capital, Stereo Capital, and Runa Capital. Signature Bank led the debt facility with $24 million.

Founded in 2011, Lendio serves as a matchmaker that connects small businesses seeking funding with its network of over 75 lenders. Since Lendio launched at FinovateSpring in 2011, the Utah-based company has funded more than 100,000 loans totaling $2 billion. Over the past two years, Lendio has seen an average year-over-year growth rate of 75%.

CEO Brock Blake called today’s investment a “significant milestone” for the company. “With these funds, we are strongly positioned to grow our existing platform as a trusted loan facilitator that supports both lenders and borrowers, while building out a range of new integrated lending services that get the right loans into the right hands at the right time.”

Lendio will use today’s investment to increase the scope and precision of its flagship loan marketplace; expand lender services functions, which provide lenders access to a white-labeled online loan application; and enhance its small business bookkeeping platform, Sunrise by Lendio. The company launched Sunrise last year after acquiring online bookkeeping startup Billy. The new service aims to help Lendio’s small business clients manage their cash flow and monitor their overall financial health.

“Lendio’s ability to combine data analytics with the human touch to connect small businesses quickly and precisely with ideal lending partners has made all the difference in its success,” said Ryan Sanders, senior investor at Mercato Partners Traverse Fund. “Lendio uniquely solves the problem of inefficient capital for small businesses by bridging lenders and borrowers. They are able to connect both sides and facilitate loans faster and more effectively between small business owners and lending institutions. Lendio’s impressive growth is a result of its technology-backed personalized service which has created a loyal and growing following in the industry.”

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Finovate Alums Earn Spots on Deloitte’s 2019 Technology Fast 500

Finovate Alums Earn Spots on Deloitte’s 2019 Technology Fast 500
By David Penn Posted on
Categories: Alkami Technology, Dashlane, EVERFI, Feedzai, Juvo, Kabbage, Lendio, Passport, Payfone, SheerID, Signifyd, Unison, WealthForge, WorkFusion

Of the 500 fastest growing technology companies in North America right now, how many have demonstrated their technology live on the Finovate stage?

The answer, courtesy of Deloitte’s just-released 2019 Technology Fast 500 ranking, is a full, baker’s dozen of thirteen innovative firms that have introduced their solutions to Finovate audiences. Update: 11/13: Make that 14 companies!

“This year marks the 25th anniversary of Deloitte’s Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners,” Deloitte Vice Chairman Sandra Shirai said. “Once again, we saw innovation across the board, with software companies continuing their dominance of the top ten. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”

Making the top 20 of Finovate alums making the cut was Unison, which made its Finovate debut at FinovateSpring in 2017, winning Best of Show. Unison’s HomeBuyer and HomeOwner solutions help make homes more affordable and home equity easier and less expensive to access.

Also notable on Deloitte’s list is the appearance of two of our newest alums – SheerID and EVERFI – which demonstrated their solutions earlier this year at FinovateSpring.

Check out all the Finovate alums that made the list below. We’ve included their Technology Fast 500 rank, three-year revenue growth rate, headquarters location, and a link to the company’s most recent Finovate demo video.

Unison
Rank #19
Growth 5,280%
San Francisco, California
FinovateFall 2017

Signifyd
Rank #115
Growth: 1,084%
San Jose, California
FinovateSpring 2013

Juvo
Rank #122
Growth: 1,036%
San Francisco, California
FinovateFall 2016

WorkFusion
Rank #129
Growth: 974%
New York City, New York
FinovateFall 2014

Alkami
Rank #130
Growth: 958%
Plano, Texas
FinovateSpring 2009 (as iThryv)

Payfone
Rank #185
Growth: 596%
New York City, New York
FinovateFall 2012

Passport
Rank #214
Growth: 510%
Charlotte, North Carolina
FinovateEurope 2016

Feedzai
Rank #231
Growth: 472%
San Mateo, California
FinovateEurope 2014

SheerID
Rank #243
Growth: 450%
Portland, Oregon
FinovateSpring 2019

WealthForge
Rank #297
Growth: 359%
Richmond, Virginia
FinovateSpring 2016

Dashlane
Rank #348
Growth: 282%
New York City, New York
FinovateEurope 2013

Lendio
Rank #378
Growth: 250%
Lehi, Utah
FinovateSpring 2011

Kabbage
Rank #448
Growth: 198%
Atlanta, Georgia
FinovateSpring 2015

EVERFI
Rank #469
Growth: 184%
Washington, D.C.
FinovateSpring 2019



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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: DriveWealth, Interxion, Lendio, Minna Technologies, Signicat, Stratifyd

On Finovate.com

  • SME Challenger Bank Recognise Signs on Mambu.
  • Digital Realty to Buy Interxion for $8.4 Billion.

Around the web

  • Stratifyd expands workforce by 200 people, moves to a new 30,000 square-foot office.
  • Lendio named to MountainWest Capital Network’s 2019 Utah 100 List.
  • Square leverages DriveWealth’s trading API to compete with the likes of Robinhood.
  • Signicat now offers identity verification in 208 countries through identity document scanning, web-based video interviews, and NFC scanning of passports.
  • SpareBank1 to leverage Minna Technologies to help customers cancel their unwanted subscriptions.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase, Flywire, Jack Henry, Jumio, Lendio, NYMBUS, Tinkoff Bank, Tinkoff Credit Systems, WePay, Xero

On Finovate.com

  • Backbase and Payveris sign digital banking partnership.

Around the web

  • Xero and GoCardless partner to solve late payments in the U.S. and Canada.
  • The Charlotte Observer lists Jack Henry on Top Workplaces list for fifth consecutive year.
  • Lendio’s online bookkeeping software, Sunrise, partners with WePay.
  • Xero now integrates with BP Plus Fuel Card in Australia and the BP Fuelcard in New Zealand.
  • Flywire provides Bank of America clients enhanced access to cross-border payments and receipts.
  • Tinkoff begins trading on Moscow Exchange.
  • Jumio launches Jumio Go, a real-time, automated identity verification solution powered by AI.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase, BehavioSec, ChintaMoney, CredoLab, DriveWealth, Faraday, fcase, Finastra, FinBit.io, Fiserv, Lendio, Libertypool, NIIT Technologies, PayPal, S-Ancial, SigFig, Signifyd, Upgrade Pack

On Finovate.com

  • Singapore’s CredoLab Partners with CIMB Bank Philippines in Bid to Boost Financial Inclusion.
  • Refinitiv Inks Strategic Partnership with SigFig.
  • PayPal’s move into China is a big deal.

Around the web

  • DriveWealth appoints Julie Coin as new President.
  • NOVO BANCO to deploy billing and payment tech from Fiserv.
  • Finastra deepens ties with Seattle Bank.
  • NIIT Technologies partners with mabl to deliver faster application testing services.
  • Lendio to double sales force, expand loan product offerings.
  • Faraday integrates with Iterable to enable mutual customers to leverage Faraday’s AI-generated predictions in their Iterable workflows.
  • BehavioSec earns Gold at the 2019 Golden Bridge Awards and is selected as the CyberSecurity Breakthrough Awards’ Multifactor Solution of the Year.
  • Signifyd’s Seamless SCA solution receives all of the merchant domain EMVCo certifications.
  • Backbase opens office in Dubai.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By David Penn Posted on
Categories: Arival Bank, Blackhawk Network, Capsilon, Currency Cloud, Dwolla, Fenergo, HackerOne, Lendio, Luxoft, Meniga, Nomis Solutions, Segmint, ThetaRay, WePay

On Finovate.com

  • HackerOne Cracks into $36.4 Million in Funding.
  • Arival Bank Nets $2.3 Million in Equity Crowdfunding Campaign.
  • Winners Circle: Finovate Honors Fintech’s Finest with New Awards Series.

Around the web

  • Cinchy voted “Top Pick” for TechCrunch Disrupt SF 2019 and selected as a CIX Top 20 company for 2019. Check out Cinchy’s upcoming demo at FinovateFall later this month!
  • ThetaRay unveils new office in Mexico City.
  • Epcor partners with data-driven solution provider Segmint to help FIs better leverage payment data.
  • Dwolla teams up with Currencycloud to make international payments easier for businesses.
  • Luxoft to collaborate with Fenergo as part of the company’s Global Platinum Partner program.
  • Meniga helps Grupo Crédito Agrícola launch its new banking app, moey!.
  • Nomis Solutions expands presence in the Midwest with the opening of a Center of Excellence in Cleveland, Ohio.
  • WePay launches same-day deposits to Chase bank accounts for free.
  • Blackhawk Network appoints Harel Kodesh as chief technology officer.
  • Lendio Southwest Michigan franchise opens to offer funding to local businesses.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bento for Business, Finastra, Lending Club, Lendio, nCino, WattzOn

On Finovate.com

  • U.K. Neobank Gravity Chooses Core Banking Tech from Finastra.
  • WattzOn’s SNAP Delivers AI-Enabled Data Extraction for Cleantech Sales Teams.

Around the web

  • Dwolla to power Bento Pay, email-based payments for Bento for Business’ clients.
  • Lendio ranks 28 of 50 on a list of Utah’s fastest growing companies.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By David Penn Posted on
Categories: Artivest, BLUERUSH, Experian, Finastra, Ignite Sales, Jack Henry, Lendio, Overbond, Revolut, Salt Edge, Strands, TransferWise, Vymo

On Finovate.com

  • Revolut and Xero Partner on Expense Management Tool.

Around the web

  • Transferwise goes live with new debit cad for customers in Australia and New Zealand.
  • Finastra inks cloud banking deal with U.K. neo bank Gravity.
  • Argentina’s largest national private bank Banco Galicia integrates PFM technology from Strands.
  • Overbond to open three AI analytics labs in Montreal, Quebec, Canada to support R&D in bond pricing.
  • Vymo hires Rajesh Sabhlok as its new Chief Customer Officer, with an emphasis on Japan and APAC.
  • BlueRush announces strategic partnership with InfoSlips.
  • Artivest names Martin Bealieu, formerly executive chairman, as new CEO.
  • Lendio’s marketplace lending franchise program tops $50 million in loans facilitated via its platform.
  • Ignite Sales unveils the latest version of its customer engagement platform, Ignite Neuro 2.0.
  • Salt Edge increases the total number of connected banks in the E.U. to more than 300.
  • Experian unveils new configurations of its Ascend Analytical Sandbox.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By David Penn Posted on
Categories: CREALOGIX, Experian, HackerOne, Jumio, Klarna, LeapXpert, Lending Club, Lendio, Mortgage Cadence, Ondot, Temenos, Tinkoff Bank

On Finovate.com

  • Switzerland’s CREALOGIX Gets SaaSy.
  • King Klarna: New Investment Boosts Valuation to $5.5 Billion.
  • LendingClub Unveils Select Plus for Sophisticated Investors.

Around the web

  • Israel’s third largest bank Mizrahi-Tefahot to deploy core banking technology from Temenos.
  • Experian reports surging interest in Open Banking, with the number of API requests made in the U.K. growing by more than 2x since February.
  • Russia’s Tinkoff Bank to sell the speech recognition technology behind its Oleg chatbot to corporate customers.
  • LeapXpert earns spot in 2019 FinTech Innovation Lab Asia-Pacific.
  • Mortgage Cadence enhances data verification, fraud prevention and compliance with integration of DataVerify to its Enterprise Lending Center.
  • AT&T launches new bug bounty program in partnership with HackerOne.
  • Jumio takes gold in the Security Software category of the 2019 IT World Awards.
  • Lendio tops $1.5 billion in small business loans financed.
  • Ondot introduces Transaction Intelligence to make it easier for consumers to recognize purchases.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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