According to the company’s press release, lending platform Lendio has already facilitated more than 75,000 small business loans amounting to more than $1.5 billion since it was founded in 2011. Lendio does not compete with alternative lenders but helps them improve their visibility and access to clients. The firm connects small business owners with lenders including Bank of America, Kabbage and OnDeck.
The Lendio platform has an efficient and easy to use interfaces. It can facilitate loan approval in only 15 minutes, compared to 29 hours with bank loans. Users can apply for different types of loans including SBA loans, business-term loans and short-term loans.
According to data from Federal Reserve Banks, the number of small businesses applying for loans with online lenders has grown continuously since 2017. This provides an opportunity for Lendio to increase its market share. In addition, Lendio has launched its own bookkeeping software called Sunrise after its acquisition of bookkeeping firm Billy. The software provides users with access to cash flow management, accounting and loan and credit information. Sunrise can help Lendio provide its customers with end-to-end solutions to their financial needs.