Alternative Finances

Bizfi Provides $144M In Q2 SMB Lending

FinTech firm Bizfi, which offers a platform that serves as a combination of aggregation, funding and a small business marketplace, said that it had seen a boost of 25 percent year over year in its small business originations in the most recently completed second quarter.

The company said in a press release on Tuesday (Aug 16.) that the latest tally came in at $144 million, up from $116 million last year, with activity spanning 3,580 businesses.

Bizfi said that, during the quarter, it had seen small businesses spurred to pursue financing, as other firms have white-labeled the Bizfi platform in an effort to offer financing to those SMBs. As noted earlier in the quarter, Bizfi linked with Western Independent Bankers, a banking trade association. That pact was followed by the July relationship between Bizfi and the National Directory of Registered Tax Return Preparers & Professionals.

The white-label relationships, said Stephen Sheinbaum, “provide Bizfi with the opportunity to fund more small businesses around the United States — ones that may have otherwise been turned down by more traditional options. We will continue to forge these white-label partnerships with companies that have existing small business relationships, with the goal of solidifying the Bizfi brand and expanding our reach.”

As has been noted, the platform, driven by APIs, also boasts strategic relationships with several dozen funding partners, and of that, 15 are integrated into the platform, including OnDeck, Dealstruck and Kabbage, among others. Bizfi also acts as a direct lender.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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