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4 U.S. based FinTech companies transforming small business lending

By Pavithra R

November 17, 2020

  • Bluevine
  • Circleup
  • USA

4 U.S. based FinTech companies transforming small business lending

Small businesses are the backbone of the U.S. economy and remain essential to the country’s economic growth and employment. According to the Small Business Administration (SBA), 99.7% of all U.S. private-sector employers are small businesses, and nearly 7 out of 10 American jobs are at a small business. With this scale, it’s easy to understand the importance of this segment and how it fuels the U.S. economy. IBS intelligence brings to you a list of 4 U.S. based FinTech companies transforming small business lending.

Lendio (2011)

Utah based Lendio, founded by Brock Blake and Trent Miskin, is a free online service that helps clients find the right small business loans instantly. The company was built on the principle of advocating for the financial needs of the smallest of businesses. It helps small businesses by connecting them with lenders around the world. 

According to company data, the FinTech has performed over 2+ billion funds and has 75+ lenders in its network. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the small business community. Prior to its role in facilitating PPP loans during the pandemic, Lendio had originated just over $2 B to 110,000 small businesses since its inception in 2011.

BlueVine (2013)

California-based BlueVine is built on a mission to empower small businesses with innovative banking designed for them. The company provides online business banking and financing to small and medium-sized businesses. Its advanced online platform is intuitive and offers a convenient solution for the banking and working capital needs of businesses.

BlueVine offers a suite of products designed to meet the diverse financial needs of today’s business owners, including BlueVine Business Checking, Line of Credit, Term Loan, and Invoice Factoring. The company has provided small and medium-sized businesses with access to more than $2.5 billion in financing and is backed by leading private and institutional investors.

BlueVine participated both as a PPP direct lender and as a non-direct lender through banking partners in facilitating PPP loans and ensured unmatched customer support by providing more than 155,000 small business owners with $4.5+ billion in PPP loans and saving 470,000+ jobs.

Fundbox (2013)

Fundbox is an online platform that gives approved business owners access to capital. The firm leverages technology to unlock growth for driven businesses by accelerating payments and credit. It securely analyzes business to determine if it qualifies for financing. Unlike other lenders, Fundbox does not require any collateral or insurance from the borrower, which makes it convenient for business owners.

The FinTech, through its B2B payment and credit network, is aiming to disrupt the $21 T B2B commerce market. With Fundbox, sellers (of all sizes) can increase average order volumes (AOV) and improve close rates by offering competitive net terms and payment plans to their SMB buyers. The company recently announced a Series C funding extension to $200 mn.

CircleUp (2012)

California based CircleUp is the investment platform providing capital and resources to innovative, early-stage consumer brands with a modern, scalable approach to private markets.

CircleUp has developed Helio, a knowledge graph of the consumer landscape, to power data-driven decision-making for its own investment strategies as well as for other industry players. Since its launch in 2017, the company’s investment vehicles have achieved robust performance by harnessing Helio to identify, evaluate, and invest in emerging brands. The firm has also extended its lines of credit to companies looking for smaller amounts of capital to finance their growing businesses.

Also, read: Lending Systems and Suppliers Report 2020

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