Bitzfi – a fully automated online aggregator in the US – helped to originate $127 million in business financing in the third quarter of 2015.
Following on from its rebrand last September, the company formerly known as Merchant Cash and Capital, now Bizfi, has today announced its results for the third quarter of 2015, reporting more than $127m in business financing through its platform. This figure represents a double-digit percent increase in originations compared to the second quarter of 2015, demonstrating the continued growth of the company.
Last month, Bitzfi launched both its new application protocol interface (API) and a white label solution, enabling its integrated partners – third parties that have integrated the Bizfi funding interface into their own offering – to provide direct funding options to their small business customers. The group of integrated partners includes the like of OnDeck, Funding Circle, Kabbage CAN Capital, Kabbage, IMCA Capital, Bluevine and SmartBiz. The platform has also forged partnerships with more than other 30 non-integrated partners.
Stephen Sheinbaum, Founder of Bizfi, commented:
"As the U.S. economy shifts, more small businesses are looking for new sources of growth and working capital. They are finding, in Bizfi, a source of financing that is simple to use, quick and efficient. That is particularly the case in the months since we launched our marketplace platform. We are funding a growing number of clients every month, and our technology allows us to create more strategic partnerships to better serve the small business community."
More than 3,500 companies accessed funds through Bizfi in the third quarter of this year and the company is committed to increasing its customer base in the future and to offer a more productive experience to its users, whether they come directly to Bizfi.com or through a white label portal.
Bizfi isn’t the only aggregator of small business funding solutions in the US. Similar platforms include Lendio, which is partnered with the office supply chain Staples, The Business Backer, which offers some balance sheet lending capacity of its own as well as aggregation services, and Cloud Lending Solutions’ CL Originate, a next generation platform for loan origination.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.