• Dec. 9, 2016, 1:48 am

Lendio reaches $250M milestone

 

Small business lending marketplace Lendio has surpassed the $250 million total in funding to small businesses loans to more than 10,000 small businesses.

The platform also reported 86 percent year-over-year growth in the second quarter on $55 million of activity. The 2,400 new businesses funded represents 133 percent quarter-over-quarter growth.

Corporate partnerships have contributed to  Lendio’s growth. One with Staples brought in more than $4 million in the second quarter while a recently announced partnership with GoDaddy is expected to serve as an additional conduit to the platform.

Lendio is also supporting SMART Box, a voluntary industry initiative focused on transparency which aims to clearly communicate actual borrowing costs to consumers.

“As lenders and stewards in this industry, we feel it is imperative to rally around a common ground of best practices so the responsible flow of capital to Main Street continues and expands,” Lendio CEO Brock Blake said.

 

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