New York based lending-as-a-service platform has raised $4m of Series A funding led by Information Venture Partners.
The funding will be used to help deliver LendingFront’s end-to-end white label software platform to more banks and financial institutions, giving them access to the most sophisticated technology in the market for originating, underwriting and servicing small business credit – a $600b+ market, according to the U.S. Small Business Administration. “Traditional financial institutions need new tools to serve the evolving needs and expectations of small business owners,” said Jorge Sun, Co-Founder and CEO of LendingFront. “LendingFront allows banks to compete with technology-based lenders and keep up with the changing regulatory environment.” Co-founders Jorge Sun (CEO) and Dario Vergara (CTO) are pioneers in this field, having met while on the founding management team of OnDeck (NYSE: ONDK), with Sun serving as the company’s first Chief Credit Officer and Vergara as the first head of technology. business borrowers.