Brock Blake, CEO of Lendio, commented:
"This acquisition is an important part of our strategy to accelerate loan volume and meet the current business loan demand from business owners on our marketplace. Lendio experienced incredible growth in 2014 as more businesses turn to our platform to find the loan option that best meets their needs. Now, we have an opportunity to further our reach and increase our staff of trusted loan advisors to help more businesses navigate the lending process."
Business Bounce, which is based in New York, will help establish a presence for Lendio in this important financial centre. And David Brown, CEO of Business Bounce, will join Lendio’s management team.
Blake added:
"David and his team have built an incredible organization focused on helping business owners get access to capital. From the first time that we walked into their office, there was alignment around a common purpose to create a world-class business lending experience. We're excited to take the best of what they have built and add to it."
The acquisition will accelerate Lendio’s vision of devlievering options, speed and trust by:
- Adding additional loan products to help small business owners secure capital
- Strengthen partnerships with current lenders participating in the Lendio marketplace
- Providing skilled and experienced advisors to guide borrowers through the business loan process
David Brown, CEO of Business Bounce, explained:
"We are thrilled to be part of Lendio and the company's mission to make getting a small business loan easy. Together, we will be able to build on our successes and aggressively grow operations in order to help an even greater pool of business owners get the capital they're looking for."
Earlier this year Lendio raised $20.5 million in a Series C funding round led by Napier Park’s Financial Partners Group.
Lendion facilitates over 100,000 small business loans each year. The company sells leads and information about potential borrowers to lenders instead of making loans itself. It doesn’t just refer companies to alternative finance platforms but to whatever option is right for the company.
