A press release Tuesday (July 23) said Lendio is rebranding Billy to Sunrise, a small business bookkeeping solution that integrates accounting, cash flow management, loan management and credit data into a single solution. Sunrise enables freelancers, solopreneurs and small business owners to manage billing and expenses while also gaining visibility into cash flow and loans. Terms of the deal were not released.
According to Lendio research, cash flow management remains one of the biggest challenges for small business today. Further, two-thirds of micro-businesses say they are not using online accounting technology.
“We are excited to announce the acquisition of Billy and the re-brand to Sunrise,” said Lendio CEO and founder Brock Blake in a statement. “The Sunrise platform will bring together previously disparate sources of information for small business owners, such as accounting, loan and credit data. It’s our goal for Sunrise users to feel more confident in making ifnancial decisions that help their businesses grow.”
Lendio will offer small businesses two versions of the Sunrise solution: A free plan that includes cash and accrual-based accounting, invoicing, accounts receivable, card acceptance and cash management, and integration with bank accounts and credit cards; and a second version which is a paid subscription that offers more advanced accounting features that automates various accounting tasks like reconciliation, while also integrating with point of sale (POS) solutions like PayPal, Stripe and Square.
The company noted that it is also working on a mobile app for Sunrise and plans to introduce new features to the platform that include tax management and deeper loan management integrations.
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Lendio’s Blake recently spoke out on the challenges of the alternative lending market in the U.S. as regulators have opened up a path toward a bank charter for FinTechs.
“You’re going to have a bunch of lenders sitting around waiting,” Blake told Reuters in an interview last year about the bank charter. “’I’m not going to go first, you go first,’” he said.
