BizFi hits $1.8bn mark in SME lending

Small business lending platform BizFi has reached a new milestone in its 12-year history having provided more than $1.8bn in SME loans to date.

The company booked $144m in originations for the second quarter of the year, enjoying an annual increase of 25%.

BizFi launched as Merchant Cash & Capital in New York in 2005. The company was founded by Stephen Sheinbaum, a financial industry expert with almost 30 years of experience.

Since the beginning of this year, Sheinbaum has signed two new partnerships, with the Western Independent Bankers (WIB) and the National Directory of Registered Tax Return Preparers & Professionals (PTIN), to provide BizFi platform users with more funding options.

The BizFi platform combines various sources of financing and offers SMEs access to third-party brokers as well as institutional investors.

To date, BizFi itself has raised total funding of $85m with the latest round of $20m completed in June.

The company has more than 35 online and offline partners, including OnDeck, DealStruck, Kabbage, and Bluevine.

Copyright © 2016 FINTECH GLOBAL

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