Lendio raised a $20m Series C to scale its marketing efforts. Lendio is a market place that is powered by machine learning algorithms, which match lenders with businesses that need a loan. In total the company has raised more than $30m from investors.
The marketplace features roughly 100 lenders who are willing to loan money, running the gamut from traditional banks to startup lenders like Kabbage Inc., he said. Businesses in search of loans answer a range of questions about their business fundamentals, and the company’s platform culls a range of other information about the business, including credit score, revenue and collateral. The company’s software then matches the borrower with any lenders whose parameters match the borrower’s, and Lendio says it can find matches quickly thanks to its machine-learning software. The company doesn’t give information on the number of loans that have been facilitated through the marketplace.