The fintech lender has also reached a milestone separate from the deal.
US-based fintech platform Credibly is now servicing BizFi's $250m portfolio and 5,200 merchants and has crossed the $500m milestone in capital deployed to tens of thousands of SMBs across the U.S. This is separate from the portfolio the company is now servicing from BizFi
Since 2005, BizFi had been a capital provider to small and medium sized firms in the US
"Acquiring the servicing rights of BizFi's portfolio is a testament to our data-driven approach and laser focus on the working capital needs of small businesses," said Ryan Rosett, Credibly's Founder and Co-Chief Executive Officer. "We welcome our new customers and are committed to ensuring that their growth capital needs are met."
In addition to servicing the BizFi portfolio, Credibly is working with both sales partners and merchants to provide additional working capital to the businesses in BizFi's portfolio.
The Small Business Association (SBA), a US-based trade organisation, estimates that traditional banks still reject approximately 90 per cent of SMB loan applications.
Founded in 2010, Credibly has offices in Michigan, Arizona, Massachusetts, and New York.
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.