Canadian working capital fintech Lendified has secured a total of $24 million in financing from two sources.
Liquid Capital will provide the senior debt for a new credit facility of up to $20 million for working capital loans Lendified will underwrite. A private placement provided an additional $4 million in mezzanine financing.
“Lendified now has the capital it needs to grow the lending component of the company’s strategy,” cofounder and CEO Troy Wright said.
“We are pleased to have formed a funding partnership with Lendified,” Liquid Capital president and cofounder Sol Roter said. “Lendified’s advanced technologies around credit analysis, while leveraging technological access to information is very, very impressive. It is our plan that this partnership will bring opportunities for efficiency and referral across our respective platforms as well.”
Lendified provides working capital amounts ranging from $5,000 – $150,000 for terms up to two years.
Earlier this year Lendified beefed up its data and analytic capabilities when it acquired Mentio Technologies. Lendified’s wholly owned subsidiary Lendified Technologies provides third party financial institutions with SaaS tools to enhance their risk review processes.