PTIN President Michael Rosedale emphasized his organization’s commitment to supporting its members through innovative technology and resources. “Bizfi’s technology and expertise, and its more than 10 years of experience providing financing options to small businesses, will equip PTIN members and their clients with the tool to quickly find the right funding to meet their needs,” Rosedale said.
Left to right: Walt Levengood, chief strategy officer, and Stephen Sheinbaum, founder, demonstrated the Bizfi platform at FinovateFall 2015.
Bizfi founder Stephen Sheinbaum explained that since accountants and CPAs are often “the first people small business owners turn to when they need financial guidance,” they are often a great place for first contact with the small business owner. “Traditional lenders can’t always provide small business owners with the capital they need due to strict credit requirements,” Sheinbaum said. “Bizfi can now help PTIN members and their clients meet those needs.” Services include everything from access to offers and facilitating document transfer to underwriting and closing the deal.
Formerly known as Merchant Cash and Capital and rebranding as Bizfi in the fall of 2015, the company specializes in providing financing options to small- and medium-sized businesses. Its fully automated online marketplace provides businesses with a range of financing options including short- and medium-term loans; invoice, equipment, and franchise financing; business lines of credit, and SBA loans. Bizfi has provided more than $1.7 billion in financing to more than 30,000 SMEs across the U.S., and in addition to being a lender on its own platform, has more than 45 funding partners including fellow Finovate alums OnDeck and Kabbage.
Headquartered in New York City, Bizfi demonstrated its aggregation silo for business financing at FinovateFall 2015. The company raised $20 million in funding from Metropolitan Equity last month, an investment that brought Bizfi’s total capital to $85 million.