The takeover follows Lendio’s Series C funding round, which raised $20million for the company last month. The company also recently created a partnership with Staples.
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.”