Small-business loan-marketplace Lendio today reeled in $20 million in Series D funding. Leading the round were Comcast Ventures and Stereo Capital. Existing investors Napier Park, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures also contributed, bringing Lendio’s total funding to $31 million.
The Utah-based company will use the funds to boost Lendio’s growth via marketing, sales, and brand awareness, which should augment its YOY growth, which already sits at 100%. Other growth figures include:
- In Q3, Lendio funded $63+ million in loans, up 14% from Q2 2016
- In Q3, Lendio funded more than 2,900 businesses, up 22% from Q2 2016
- Lendio saw a record number of repeat customers in Q3, up 33% over Q2 2016
Regarding the company’s growth, Lendio founder and CEO Brock Blake said, “Even though we’ve helped facilitate funding for more than 13,000 small business owners, we’re just scratching the surface as to the number of business owners that we can help; our goal is to help fuel the American Dream for the millions of SMBs that make up the backbone of our U.S. economy.”
Lendio seeks to decrease the time it takes for small businesses to secure loans. The company works on behalf of small business borrowers to match them with the right loan, helping the 75 lenders on its platform reach qualified borrowers. Lendio partnered with American Express in April to power its merchant-financing offering. In 2015, the company facilitated $128+ million in financing to more than 5,100 businesses. Lendio debuted at FinovateSpring 2011.