SME lending platform Credibly announced today it is now servicing BizFi’s $250 million portfolio and 5,200 merchants. One of the country’s three largest merchant cash advance originators, Credibly had been providing funding to small businesses since 2005.
“Acquiring the servicing rights of BizFi’s portfolio is a testament to our data-driven approach and laser focus on the working capital needs of small businesses,” Credibly funder and co-CEO Ryan Rosett said. “We welcome our new customers and are committed to ensuring that their growth capital needs are met.”
Credibly said it is also working to provide additional capital for BizFi portfolio businesses.
“Credibly’s data science team has the ability to analyze BizFi’s twelve years of data and remittance history allows Credibly to better service both the BizFi and Credibly portfolios,” Credibly said in a statement. “Further, BizFi’s data enhances Credibly’s risk management, scoring models, and portfolio management tools.”
Credibly also announced it surpassed the $500 million mark in capital it has provided to SMBs. That is not including the $250 million from BizFi.