Uplinq raises $3.5m in pre-seed funding round
By Edlyn Cardoza
Uplinq Financial technologies has raised $3.5 million in a pre-seed funding round led by noted venture capital investors N49P and Surface Ventures. Uplinq’s pre-seed funding round also includes participation from MoVi Partners, Impulsum Ventures, Magic Fund, Assure Syndicates, and the DVC Syndicate. Additionally, several notable FinTech executives participated in the raise, including the former President of Experian Consumer Services, co-founder at SoFi, former CIO and Treasurer at JPMorgan Chase, and former Head of Risk at Scotiabank, and the former CTO at FIS.
Uplinq’s value proposition is built on the back of its technology, enabling small-to-medium-sized business (SMB) lenders to use billions of unique and validated data signals beyond traditional credit indicators to help make the most accurate decisions possible. The company’s innovative technology has powered over $1.4 trillion in underwritten loans since its inception. Uplinq launched its operations at the beginning of 2022, following a long planning cycle.
Speaking about his business journey, Ron Benegbi, founder and CEO of Uplinq, commented: “As an immigrant to Canada in the 1970’s, I watched my parents struggle to make a living as small business owners. We were very fortunate that one bank manager took a ‘flyer’ on my dad when he applied for a loan, even though he made it clear that the application did not meet the bank’s lending criteria. Most small business owners are not nearly as fortunate as this, which is why I started Uplinq.”
Ron continued: “Now, it’s great to have so many amazing people who want to be part of our journey. Through this raise, we have connected with people like ourselves who truly care about others and who want to lead with empathy, humanity, and purpose. Together, we all share a collective vision of making an impact on the lives of millions of families worldwide.”
Patrick Reily, the co-founder at Uplinq, commented: “SMBs create jobs and are at the bedrock of intellectual property creation around the world. These companies drive the global economy, yet as borrowers they remain perhaps the most underserved segment on the planet. At Uplinq, we can change that. That’s why I am humbled and honoured to now partner with so many brilliant and purposeful people who share our vision.”
The pre-seed funding round will be deployed immediately to help scale Uplinq’s global operations. Additionally, Uplinq will use the funding to refine its solution further. This update will allow the company to provide even more precise and predictive insights within the credit-decisioning process, empowering lenders to understand the financial performance of small businesses like never before.
Speaking on the funding round, Alex Norman, Managing Partner at N49P, commented: “We are excited to back Uplinq, and Ron once again. Ron has an ability to see the future of finance and deliver against it. We believe Uplinq has the potential to transform lending practices towards SMBs across the globe.”
Dimitri Boguslavsky, Co-Managing Partner at Surface Ventures, commented: “Ron came to us with a bold vision on how he wanted to transform the global SMB credit lending process. We were immediately impressed with his innovative approach to problem solving and his willingness to tackle some of the fundamental issues within the market. Few businesses have the potential to change the world like Uplinq, and with Ron and Pat steering the ship, Uplinq is well positioned to revolutionize the world of SMB lending.”
IBSi Daily News Analysis
September 30, 2022
Is sustainable/green finance needed more than ever before?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
September 29, 2022