Small business lender Lendio said Tuesday (Oct. 25) that it has secured a $20 million funding round from a series of investors. The latest investment was led by Comcast Ventures and Stereo Capital. Existing investors also participating included Napier Park, Tribeca Venture Partners and North Hill Ventures. The newest fundraising, said the firm, will be used to boost growth across marketing channels.
The company said in a release that the loan volume for the latest quarter came in at $63 million from 75 lenders, and partnerships remained in place with American Express, Staples and GoDaddy. The firm also said that the latest funding was 14 percent growth over the second quarter of this year and almost 100 percent growth year over year.
In a statement, Brock Blake, founder and CEO of Lendio, said: “Comcast Ventures and Stereo Capital are ideal partners because they have broad experience scaling SMB business models … 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.”
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