Small business funding platform Bizfi enjoyed a record first quarter, with $144 million of financing flowing to 3,605 small businesses. The origination record represents a YOY 49 percent increase.
The announcement is the latest of a run of good news for Bizfi. Earlier this year they received a Premier Solution Provider designation from Western Independent Bankers (WIB), a trade association representing community and regional banks across the Western United States. WIB members now have access to the Bizfi platform.
“Associations like WIB recognize our value, as their banks are integrating with our technology and offering our alternative funding solutions to small business owners that don’t fit in their credit box,” Bizfi founder Stephen Sheinbaum said. “These types of relationships not only help to fuel Bizfi’s growth, they ensure the financial partner continues to maintain their customer relationships by providing their clients an alternative for the financing they need.”
Since its 2005 debut, Bizfi and its proprietary marketplace and funding technologies have provided more than $1.6 billion in funding to more than 29,000 businesses across the United States. It has integrated with 15 funding partners including Kabbage, Funding Circle, and Bluevine and has offline relationships with an additional 30.
“Bizfi’s marketplace makes us a valuable resource for thousands of small business owners across the United States,” Mr. Sheinbaum added “In 2016, we’re looking forward to further expanding our product set and partnering with more traditional financiers, enabling us to fund the growth of even more of America’s small businesses.”