Small business lending marketplace Lendio released its second quarter financial results this week. The Utah-based company reached a milestone, having matched 10,000 small businesses with $250 million in loans since its 2011 launch.
In the second quarter ending June 30, Lendio facilitated more than $55 million in loans, more than $4 million of which came through Lendio’s partnership with Staples. The $55 million represents an 86% increase over the $30 million in loans it facilitated in Q2 2015. Lendio CEO Brock Blake noted that, despite “pessimism in the market” Lendio’s growth remains “strong and steady.”
Additional second quarter highlights include:
- 2,400 new businesses funded, a 2.3X increase over Q1 of 2016
- Record number and volume of loan renewals
- Loans funded in all 50 states
- Top 10 states: California, Florida, Texas, New York, Georgia, Illinois, New Jersey, North Carolina, Virginia and Colorado
- Top industries: construction, transportation, retail, healthcare, restaurant, manufacturing and automotive
- Lendio was certified by Great Place to Work
Lendio works on behalf of small business borrowers to match them with the right loan, helping the 75 lenders on its platform reach qualified borrowers. The company partnered with American Express in April to power its merchant financing offering. In 2015 the Utah-based company facilitated over $128 million in financing to more than 5,100 businesses. Lendio debuted at FinovateSpring 2011.
The post Lendio by the Numbers: $250 Million in Loans to 10,000+ Small Businesses appeared first on Finovate.