Canada-based small business loan provider Lendified has closed a $60m credit facility from ClearFlow.
Lendified offers small businesses access to working capital loans between $5,000 and $150,000. A borrower can qualify for a loan, within minutes, and then receive a quote and funding in as quick as 48 hours.
To date, the company has received more than $220m in loan requests.
This facility will increase Lendified’s lending capacity to $85m, helping to boost its loan book and support more businesses.
ClearFlow co-founder and director Randy Rutherford said, “Lendified exemplifies today’s merger of lending skillsets, quality management and technology within the FinTech world of financial services. Lendified delivers great value to their customers by leveraging their industry leading advanced methodologies around credit analysis and information technology.”
Last year the company received a $20m credit facility from Liquid Capital, which was also used to help Lendified fund more loans. In the same month, Lendified also raised a $4m mezzanine financing round from an undisclosed backer.
Last week, Canada-based API payment platform Payment Rails secured an undisclosed investment which brings total capital raised to $1.1m. Within the marketplace lending sector, mortgage marketplace lending company LendingHome secured a $57m Series C-2 round, while fellow small business loan provider, Ziploan, bagged an undisclosed investment from Matrix Partners India.
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