Small business loan marketplace Lendio has secured $20 million in funding from Comcast Ventures and Stereo Capital. Existing investors Napier Park, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures also participated. The funds will be allocated toward marketing and sales.
“Over the past year, we’ve been busy testing new customer acquisition strategies,” Lendio founder and CEO Brock Blake said. “With this new round of capital, we now have the resources to launch these exciting new initiatives that will help us expand our brand awareness and help small businesses find the best loan for any situation.
“Comcast Ventures and Stereo Capital are ideal partners because they have broad experience scaling SMB business models, deep connections in mass market media and great understanding of fintech,” Mr. Blake continued. “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.”
During a year which featured 100 percent YOY growth, Lendio focused on customer experience, technology and economics.
The announcement comes following a record third quarter which saw Lendio’s 75 partners provide $63 million to small businesses, thanks to key relationships with Staples, GoDaddy and American Express. Other Q3 news included new partnerships with Supplier Success and TownSquare Media, just under 3,000 businesses funded and a record number of repeat customers.