San Diego based private lender announces striking results in revenue, funding, and employee count.
Founded in 1999, National Funding is one of the US’ largest financial services providers for small and medium-sized businesses. The platform has witnessed the transformation of the industry over the past 16 years, as AltFi has already reported in a recent interview with David Gilbert, founder and chief executive officer.
The company recently announced the crossing of several milestones, pertaining to revenues, funding, employee counts and office growth.
Q3 2015 revenues were $17.7 million, up 69% over Q3 in 2014, with total revenues for this year projected to grow 67%, up to $66M from $39M in 2014. Similarly, the number of small business customers increased 75% and sales rose 44%, compared to the same period last year.
Moreover, the company recently completed a multi-million dollar expansion at its San Diego headquarters, doubling its space to a total of 44,000 square feet and hiring a fresh crop of employees. The workforce is expected to reach 273 by the end of next year.
David Gilbert commented:
“This past year has been a robust one for National Funding; in fact it looks to be our most successful to date. We started National Funding in 1999 with the mission to help small business owners grow their operations through quick, efficient access to capital. Over the years we have improved our model through a wider product line, expanded staff and more efficient operations.”
In addition to these results, the company has also announced the increase of its lending facility with CapitalSource, a division of Pacific Western Bank, from the previous $50 million to $75 million. Lending commitments to the company now total up to $150m, an indication that the major banks are showing an interest in National Funding loans.
Only last September, its long-time partner bank, Wells Fargo Capital Finance, has committed to increase its line of credit up to $75 million, which helped the platform to fund working capital and equipment leasing loans for small businesses.
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.