The Reason Behind Lendio’s 1175% GrowthFebruary 25, 2016 | By: deBanked Staff
Lendio, the small business loans marketplace closed 2015 with $128 million in financing for 5100 businesses. That number swiftly becomes impressive compared to the 400 businesses funded with $12.4 million the previous year.
Lendio CEO Brock Blake attributes this 1175 percent growth to the partnerships the company forged, the most noteworthy one with Staples where Lendio finances the small businesses that Staples often interacts with. “We had a great year with our partnership,” he said. “Staples has been a fantastic partner — they have the merchants and we have the finance.”
The Salt Lake City-based company prides itself on its partnership strategy. In 2014, the company struck a deal with UPS to offer their marketplace for free to The UPS Store business customers.
Blake is also excited about expanding the marketing channels and growing the firm’s online marketing strategy.
Lendio’s average loan size is $25,000 and their clients have typically been in business for 26 months in industries like construction, retail, restaurants and real estate.Last modified: February 25, 2016