Small business loan marketplace Lendio has closed the books on its fiscal 2016 and they are happy with the final results.
During the fourth quarter Lendio helped facilitate more than $70 million of financing through its marketplace of more than 75 small business lenders, a total representing a 68 per cent increase from 4Q15. Lendio facilitated more than $240 million for the entire year, which was an 87 per cent increase from 2015.
Lendio’s fourth quarter highlights also included the raising of $20 million in funding led by Comcast Ventures and Stereo Capital, the funding of more than 3,300 small businesses across all 50 states, a record number (111 per cent yoy increase), and the addition of six new lenders, including Funding Circle, Able Lending and Internex, to the marketplace.
Jim Granat was promoted to president and CFO, while Trent Miskin was named chief growth officer.
“Looking ahead, we will continue to focus on investing in a superior customer experience, loan application automation, efficient processes and talented personnel that will help simplify small business lending,” found and CEO Brock Blake said.