Become, an online lending platform for small and medium-sized businesses, has netted $10m in its Series A round.
The capital injection was led by Benson Oak Ventures and Magenta Venture, with support also coming from RIO Ventures, iAngels, and Entrée Capital.
Alongside the equity line, the company has received an additional $2.5m in venture debt from Viola Credit.
With the new proceeds, the FinTech is looking to scale up operations in the US and Australia.
Become uses automation technology to ease the access to funding for SMEs. There are a variety of loans available on the platform including unsecured business loans, line of credit, invoice factoring, merchant cash advance, SBA loans, commercial vehicle loans, startup loans, credit cards, and more.
Its new marketplace service enables multiple lenders to offer personalised loan offers, boosting competition in the market.
Become CEO and co-founder Eden Amirav said, “We strongly believe it is time to disrupt conventional and ‘alternative’ lending practices. Become’s technology provides SMBs with the transparency and insights they need to improve their unique financial profiles to attract legitimate funders. This creates a new market for alternative lenders and opens opportunities for formerly ‘unfundable’ SMBs to become bigger, better and more successful.”
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