Total amount raised
$108.5 Millions
Latest funding date
02/01/2020
Location
Lendio has successfully raised significant funding through multiple rounds, including a Series E round, to support its online lending marketplace. The platform partners with over 75 lenders to offer a variety of financing options for small businesses.
Keep reading to explore the intricacies of Lendio's fundraising journey and the investors backing this innovative platform.
What Is Lendio?
Lendio, founded in 2011, is an online lending marketplace based in Lehi, Utah. The platform connects small-business owners with various financial institutions, offering tools and resources to manage cash flow and improve credit ratings.
The company was founded by Brett Child, Brock Blake, Levi King, and Trent Miskin. Lendio provides a range of financial products, including Embedded Lending, Intelligent Lending, Small Business Loans, and Accounts Receivable Financing.
With a workforce of 251-500 employees, Lendio partners with over 75 lenders to facilitate small business loans through a streamlined online application process.
How Much Funding Has Lendio Raised?
- Series A
- Amount Raised: $6M
- Date: February 2011
- Lead Investors: Highway 12 Ventures, Tribeca Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch and scale the platform, connecting small businesses with financial institutions.
- Debt Financing
- Amount Raised: $2M
- Date: June 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and expand the lending marketplace.
- Series B
- Amount Raised: $4.5M
- Date: August 2013
- Lead Investors: Runa Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's technology and increase market reach.
- Series C
- Amount Raised: $22M
- Date: March 2015
- Lead Investors: Napier Park Global Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve the user experience for small business owners.
- Series D
- Amount Raised: $19M
- Date: October 2016
- Lead Investors: Comcast Ventures, Stereo Capital
- Valuation at Round: $75M
- Motivation Behind the Round: To expand the loan marketplace and integrate new financial services.
- Series E
- Amount Raised: $31M
- Date: February 2020
- Lead Investors: Mercato Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the platform, expand the online bookkeeping service, and enhance lender services.
- Debt Financing
- Amount Raised: $24M
- Date: February 2020
- Lead Investors: Signature Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the expansion of the loan marketplace and new business units.
Total Amount Raised: $108.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Mercato Partners
- Details: Mercato Partners is a growth equity firm that invests in technology, consumer, and digital media sectors. They led the $31 million equity portion of Lendio's Series E funding round.
- Investment Focus Areas: Technology, consumer, digital media
- Notable Investments: Cradlepoint, Stance, Sphero
- Signature Bank
- Details: Signature Bank is a New York-based full-service commercial bank. They provided a $24 million debt facility to Lendio as part of the Series E funding round.
- Investment Focus Areas: Commercial banking services, lending, asset management
- Notable Investments: Primarily involved in providing debt facilities rather than equity investments
- Comcast Ventures
- Details: Comcast Ventures is the venture capital affiliate of Comcast Corporation, investing in consumer, enterprise, and frontier technology companies. They participated as an existing investor in Lendio's Series E funding round.
- Investment Focus Areas: Consumer, enterprise, frontier technology
- Notable Investments: Slack, Nextdoor, Instacart
- Napier Park Financial Partners
- Details: Napier Park Financial Partners specializes in financial services and financial technology companies. They participated as an existing investor in Lendio's Series E funding round.
- Investment Focus Areas: Financial services, financial technology
- Notable Investments: LendingClub, Kabbage, CardWorks
- Runa Capital
- Details: Runa Capital is a global venture capital firm that focuses on early-stage investments in cloud computing, machine learning, and deep tech. They participated as an existing investor in Lendio's Series E funding round.
- Investment Focus Areas: Cloud computing, machine learning, deep tech
- Notable Investments: Nginx, MariaDB, Zopa
What's Next for Lendio?
Lendio stands at the cusp of significant growth opportunities. With the recent $55 million Series E funding, the company is poised to expand its loan marketplace and develop new integrated lending services. The funds will also support the growth of its online bookkeeping platform, Sunrise by Lendio, and enhance its lender services division, which provides custom, white-labeled online applications for financial institutions.
The successful Series E round, which was oversubscribed by existing investors, indicates strong potential for future fundraising. This financial backing will enable Lendio to leverage industry trends such as the increasing reliance on technology-backed personalized services and the growing demand for efficient capital solutions for small businesses.
However, Lendio may face challenges in maintaining investor trust, ensuring the scalability and reliability of its technology, and navigating the competitive landscape of online lending and financial technology. Despite these hurdles, the company's strategic partnerships and robust growth trajectory suggest a promising future.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Lendio and gather other critical business insights.
Sign up for free and start leveraging these powerful tools today by visiting Clay's signup page.
