Small business lending marketplace Lendio has acquired New York-based small business financing platform Business Bounce with a goal to increase loan volume, according to Lendio CEO Brock Blake.
Mr. Blake said the seeds of the deal were planted last summer when he met Business Bounce CEO David Brown in New York City. The two quickly hit it off, as they shared a similar passion for the industry.
“What was really important to us was we wanted to work with people from a similar culture of desiring to help small business owners,” Mr. Blake said. “people interested in doing things the right way, who are trying to be the best in class long term.”
Mr. Blake said he is looking forward to working with Business Bounce CEO David Brown, whom he described as “an incredible leader with a fantastic reputation.” Mr. Brown joins Lendio’s management team.
The deal also gives Lendio a presence in New York City, which is where some Lendio investors are, along with many lenders and their partners, Mr. Blake said.
Mr. Blake said the acquisition will not result in many new products due the amount of crossover between the two companies but Lendio will benefit from Business Bounce’s unique customer acquisition channels.
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