Fully automated online lender stroke aggregator Bizfi helped to originate $142 million in business financing in the fourth quarter of 2015.
Following on from its rebrand last September, the company formerly known as Merchant Cash and Capital, now Bizfi, has announced its results for the fourth quarter of 2015. More than $142m in business financing was matched through the platform in the final quarter of the year – a record for any one quarter since its launch.
This result bettered the previous quarter (Q3 2015), when the company originated more than $127m in business financing – a figure that had represented a double-digit percent increase in originations compared to the second quarter of 2015. Since inception, Bizfi has originated more than $1.4 Billion in total financing and has supplied more than 27,000 businesses with access to capital.
Stephen Sheinbaum, founder of Bizfi, commented:
“2015 was an explosive year for Bizfi, which comes as a result of the launch of our platform, providing business owners with the opportunity to find and compare available funding options in one place. In 2016, we’re looking forward to further expanding our product set and funding even more of America’s small businesses.”
In September 2015, Bizfi launched both its new application protocol interface (API) and a white label solution, enabling its integrated partners – third parties that have plugged the Bizfi funding interface into their own offering – to provide direct funding options to their small business customers. Bizfi’s funding partners include the likes of OnDeck, Funding Circle, Kabbage, CAN Capital, IMCA Capital, Bluevine and SmartBiz. The platform has also forged partnerships with more than 30 non-integrated partners.
“With changes in global markets leading to more uncertainty, the need for alternative financing will be more valuable than ever as small businesses look to ensure continued operations and stability - it’s how we can keep hundreds of thousands of workers employed and keep the economy afloat.”
These positive results follow on from the closure of a $65 million debt investment round led by Metropolitan Equity Partners. Those funds were to be used to expand the platform’s suite of funding programs, to increase the speed with which businesses may access finance through the platform, and to drive marketing and brand awareness.
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.