Lending Express, an AI-powered marketplace for business loans, has raised $2.7m in its latest funding round led by Entrée Capital and iAngels.
Other commitments were made by unnamed existing backers.
Lending Express operates an AI-powered marketplace to support access to business loans in the US and Australia. Through its AI algorithms AlgoScore and MatchScore, the platform predicts how likely a business is to receive funding and will then match the company with a lender and terms which will suit the company.
Financing products can be taken out for unsecured business loans, credit lines, invoicing factoring, merchant cash advances, SBA loans and equipment or vehicle financing. Loans can be taken out for amounts between $5,000 and $500,000, with loans available within three hours.
The equity injection will be used to support development of Lending Express’ technology, and scale up operations within the US and Australia. Over the past 12-months, Lending Express has increased its total number of loans matched and hopes to quadruple its US loan funding from $1.3m to $5.2m in the next three quarters, according to the company.
Mor Assia founding partner iAngels said, “Looking at the industry, it is clear that this innovative approach is the future. We are excited for the opportunity to play a part in bringing about the next big trend in loan lending, and have full confidence Lending Express will become a leader in the market.”
Earlier in the month, Israel-based Entrée Capital closed its second technology fund on $80m to support AI, AR/VR, SaaS, FinTech and ‘loss of friction’ opportunities. The firm recently participated in the $37.5m funding round of personal finance platform Stash.
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