Leading Small Business Lending Platform Reports a 25% YoY Increase in Volume
Bizfi Reaches $1.7 Billion Lending Mark to More Than 31,000 Small Businesses
New York – August 15, 2016 – Bizfi (www.bizfi.com), the premier FinTech company with a platform that combines aggregation, funding and a marketplace for small businesses, announced an increase of 25 % in year-over-year small business lending originations in the second quarter of 2016. This totals in excess of $144 million, compared to $116 million in Q2 2015. The company either directly originated financing or facilitated financing through its marketplace for more than 3,580 small businesses.
Small businesses are going to Bizfi.com to access financing directly from Bizfi or the dozens of partners that participate in its marketplace. Several companies that serve small businesses have white-labeled the Bizfi platform in order to provide these businesses with access to SMB financing. In March of this year, Bizfi announced a partnership with Western Independent Bankers (WIB), a trade association with community and regional banks across the Western United States. In July, Bizfi forged a partnership with the National Directory of Registered Tax Return Preparers & Professionals (PTIN). These partnerships provide hundreds of thousands of small-business owners across the country with access to financing through the Bizfi platform.
“Partnering with organizations like WIB and PTIN provide Bizfi with the opportunity to fund more small businesses around the United States – ones that may have otherwise been turned down by more traditional options,” said Bizfi Founder Stephen Sheinbaum. “We will continue to forge these white label partnerships with companies that have existing small business relationships, with the goal of solidifying the Bizfi brand and expanding our reach.”
Built from proprietary technology, Bizfi’s platform uses APIs to leverage a wide variety of sources to quickly offer loans and other financial products to small businesses. Its technology is strengthened by strategic relationships with more than 45 funding partners, 15 of which are integrated within the platform, including OnDeck (NASDAQ:ONDK), Funding Circle, BHG, Bluevine, Dealstruck and Kabbage. Bizfi is also a direct lender on the platform providing financing to small businesses.
Mr. Sheinbaum concluded, “Bizfi’s steady growth is a clear indication of the financial needs of small business owners, and how alternative finance companies have stepped up to meet those needs. Our technology enables us to underwrite and fund more businesses than ever before so they may receive the capital they require to grow, create jobs and positively impact our economy.”
Bizfi is the premier FinTech company combining aggregation, funding and a participation marketplace on a single platform for small businesses. Founded in 2005, Bizfi and its family of companies have provided in excess of $1.7 billion in financing to more than 31,000 small businesses in a wide variety of industries across the United States.
Bizfi's connected marketplace instantly provides multiple funding options and real-time pre-approvals to businesses from a wide variety of funding partners. Bizfi's funding options include short-term financing, franchise financing, lines of credit, equipment financing, medical financing, invoice financing, medium-term loans and long-term loans guaranteed by the US Small Business Administration. The Bizfi API provides a turnkey white label or co-branded solution that easily allows strategic partners to access the Bizfi engine and present their clients with financial offers from Bizfi lenders all while maintaining their customer's user experience. A process that once took hours, now takes minutes.