Lendio is expanding to the Big Apple, thanks to an acquisition following a multimillion-dollar funding round. The online SME lending matchmaker announced Tuesday (April 14) that it struck a deal to purchase small business finance facilitator Business Bounce, based in New York City.
It’s a strategic takeover that experts say will not only expand Lendio to the East Coast, but center the firm in the financial hub of the world.
“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,” said Lendio CEO Brock Blake. The acquisition, he added, will expand the company’s staff – including the addition of experienced financial advisors – and increase its reach to small businesses in need of working capital.
Further, reports said Business Bounce adds new lending products and strengthened partnerships with existing lenders for Lendio, which has said that it aims to be the “Kayak for small business loans.”
Business Bounce CEO David Brown will reportedly join Lendio’s management. Financial details of the acquisition were not offered by the companies.
The takeover follows Lendio’s Series C funding round, which raised $20.5 million in funds for the company last month. But the company has seen new growth in other ways, most notably through its recent partnership with Staples, a collaboration that will see the office supply retailer enter the small business lending market.
Along with partnerships with major retailers, Lendio has struck crucial ties with lenders to become a go-to online source for small businesses seeking out loans. The company has largely been mum regarding how much lending Lendio has facilitated.
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