Credibly, formerly known as RetailCapital, today has forged a partnership with BodeTree.
The emerging US fintech platform Credibly today has announced a partnership with BodeTree, a cloud platform that provides small businesses with real-time information about their financial accounts, cash flows, valuations and clear pictures of their financial health, all in one place.
Through this partnership, Credibly will provide BodeTree's customers with its full suite of business capital solutions, including business loans and merchant cash advances. BodeTree CEO Chris Myers, commented:
“The integration of BodeTree's financial tools and Credibly's efficient and equitable lending process equips even more small businesses with the resources and capital they need to thrive. The spirit of our partnership, and the shared vision of both companies, is truly about helping small businesses.”
Founded in 2010 and rebranded as Credibly last June, the platform targets the entire SMB credit spectrum, offering businesses a wide range of tailored capital solutions. Since inception, the platform has funded more than 4,500 businesses in over 300 industries, providing them with more than $200 million to date. Last year, the company registered a revenue growth of 100% and has doubled its employees to 120, opening new offices around the US.
The agreement with BodeTree will allow Credibly to enhance its product suite and to provide small businesses with solutions that better reflect their needs. Glenn Goldman, CEO of Credibly, weighed in:
“At Credibly, we believe all businesses deserve the right to access capital, and our partnership with BodeTree makes good on the mission of providing that access to as many entrepreneurs as possible. The insights garnered from the BodeTree platform, coupled with access to funding through Credibly, will help BodeTree’s customers achieve their growth goals.”
Last June, AltFi interviewed Glenn about the rebrand and about his view on the alternative finance industry. On that occasion, Glenn voiced his concern about the lack of platforms with a product set sufficient to tackle the super prime and sub prime ends of the credit spectrum, and everything in between. He stated that Credibly’s mission was to target the widest range of businesses with a suite of 5 or 6 products, since “every business has the right to capital”.
Following on from this announced partnership, AltFi has caught up with him again and asked about how this agreement might be useful to fulfil Credibly’s mission. He commented:
"The BodeTree partnership is an ideal one for Credibly to deliver upon our core belief that all business owners have the right to access capital - across the entire credit spectrum and at all lifecycle stages. BodeTree engages a wide range of small business profiles that touch the entire credit spectrum, and these customers have a diverse set of funding needs. Their needs can now be fulfilled through the BodeTree/Credibly alliance."
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.