By David Stevenson on 26th October 2016
SME focussed Lendio gets backing from media giant Comcast
Lendio has just announced that it has secured a round of funding from Comcast Ventures and Stereo Capital to accelerate its growth and support marketing, sales and brand awareness. The marketplace based aggregator also confirmed that existing investors Napier Park, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures have participated in the fund raising.
According to Lendio, this round of capital will be used to accelerate the platform's growth through marketing, sales and brand awareness for millions of small business owners across the U.S. Comcast is one of the major media conglomerates based in the US – focused on cable tv – and Dave Zilberman, managing director of its Ventures arm will be joining Lendio’s board of directors as part of the transaction.
“Small and medium sized businesses have been held hostage by capital markets over the last several years,” said Jim Smith, partner at Stereo Capital. “Lendio is unlocking those markets with its unequaled ability to match borrowers and lenders.”
Lendio also announced another record quarter of loan volume funded through its online marketplace of 75 lenders with $63 million going to small businesses in Q3. This continued growth occurred across key metrics, helped along by strategic partnerships with Staples, GoDaddy and American Express.
“Comcast Ventures and Stereo Capital are ideal partners because they have broad experience scaling SMB business models, deep connections in mass market media and great understanding of FinTech,” said Brock Blake (pictured above), founder and CEO of Lendio. “Even though we’ve helped facilitate funding for more than 13,000 small business owners, we’re just scratching the surface as to the number of business owners that we can help; our goal is to help Fuel the American Dream for the millions of SMBs that make up the backbone of our U.S. economy.”
“Lendio’s success securing meaningful partnerships and impressive year-over-year growth shows the company is poised to go big,” said Dave Zilberman from Comcast Ventures. "This funding will help the company further its mission of helping small business owners find the right loans."
Other highlights from the company’s record breaking Q3, include:
● Announced new partnerships with Supplier Success and TownSquare Media
● Over $63 million in loans funded - 14 percent growth from Q2 2016 and 93 percent year-over-year growth from Q3 2015
● More than 2,900 businesses funded - 22 percent growth from Q2 2016 and 242 percent year-over-year deal growth from Q3 2015
● Record number of repeat customers -- 33 percent increase over Q2 2016 and 227 percent year-over-year deal growth from Q3 2015
● Loans funded in 46 of 50 states
● Recognised as Utah’s Best Companies to Work For 2016