Bizfi Secures $65 Million in Financing
NEW YORK–(BUSINESS WIRE)–Bizfi (www.bizfi.com), the premier FinTech company whose online small business finance platform combines aggregation, funding and a participation marketplace, announced that Metropolitan Equity Partners (“Metropolitan”) has provided a structured financing facility of $65 million to the company to drive growth.
Closing this financing round enables Bizfi to:
- Expand its suite of funding programs, increasing its ability to fund America’s small business capital needs.
Increase the speed at which funding applicants access direct financing from Bizfi.
- Develop and implement a national marketing campaign designed to increase the awareness of the Bizfi brand and platform within the small to medium-sized business community.
- Bizfi and its proprietary marketplace and funding technologies have provided in excess of $1.3 billion in financing to over 26,000 small businesses across the United States since 2005. Since Bizfi launched its aggregation platform in 2015, the Company has experienced 72% growth in year-over-year gross originations.
“The Bizfi platform is the simplest, fastest and most frictionless process for small businesses to access funding. Metropolitan’s financing will propel our growth plans to the next stage,” said Stephen Sheinbaum, founder of Bizfi. “Every day more and more businesses are turning to Bizfi because of our strong channel partners, enabling business owners to compare all their funding options in one place. The Metropolitan partnership provides Bizfi with additional capital to develop new products and fund more small businesses from its own branded product set.”
Metropolitan’s investment provides the financial flexibility and strength to support Bizfi’s growth plans. The new investment expands upon Metropolitan’s prior involvement as an active buyer of loan participations and a mezzanine lender to the Company for the past three years.
Bizfi’s proprietary technology and aggregation platform efficiently gathers applicant information from a wide variety of sources to quickly offer commercial funding products including loans and other capital products to small businesses. Bizfi’s technology is further strengthened by strategic relationships with more than 45 funding partners, including OnDeck, Funding Circle, IMCA Capital, Bluevine and Kabbage. Bizfi also participates as a lender on the platform. Regardless of what kind of capital is sought from any of the funding partners, the small business owner is guided through the entire process by a Bizfi funding concierge that is assigned specifically to him or her.
Paul Lisiak, managing partner of Metropolitan Equity Partners stated, “Metropolitan believes that the future of small business lending is being built by Bizfi. Their aggregation and direct lending marketplace is disrupting the fast growing FinTech industry. Our new investment is the result of the impressive performance we have directly experienced as a lender and participant in the company’s financing products over the past three years. In the rapidly evolving FinTech space, Bizfi’s management team has elegantly expanded their product offerings to create a platform that holistically meets the dynamic funding needs of small businesses. We look forward to being a part of Bizfi as they further solidify their position as a leader in the financial technology space.”
Metropolitan has been an active investor in the alternative lending and FinTech space with over $100 million committed in 2015 including investments in JH Capital Group, Debt Away, New Credit America and PledgeCap.
Mr. Sheinbaum concluded, “Bizfi has seen radical growth over the last 18 months. Not only have we developed one of the most robust FinTech platforms for the small business lending space, but we have cultivated significant deals with third party companies that service small businesses. These companies will utilize white label versions of Bizfi’s platform to offer financing to their clients. Now, with the Metropolitan financing supporting our growth, we can continue to expand our products, increase our market share and provide solutions to the critical financing needs of the companies that fuel our economy.”
Bizfi, is the premier FinTech company combining aggregation, funding and a participation marketplace on a single platform for small businesses. Founded in 2005, Bizfi and its family of companies have provided more than $1.3 billion in financing to over 26,000 small businesses in a wide variety of industries across the United States.
Bizfi’s connected marketplace instantly provides multiple funding options to businesses from more than 45 funding partners and real-time pre-approvals. Bizfi’s funding options include short-term financing, medical financing, lines of credit, equipment financing, invoice financing, medium-term loans and long-term loans guaranteed by the U.S. Small Business Administration. The Bizfi API provides a turnkey white label or co-branded solution that easily allows strategic partners to access the Bizfi engine and present their clients with financial offers from Bizfi lenders all while maintaining their customer’s user experience. A process that once took hours, now takes minutes.
About Metropolitan Equity Partners
Metropolitan Equity Partners Management, LLC is an alternative investment manager that provides expansion capital to growing private companies via collateralized loan structures. Metropolitan was founded by Paul Lisiak who has 20 years of experience investing in private U.S companies through both debt and equity. Metropolitan traces its roots to a successful equity strategy managed by the current Metropolitan Principals which was backed by the Man Group plc. Since 2008, Metropolitan has committed over $300MM in collateralized debt investments through call funds, blind pools and institutional managed accounts. Metropolitan is based in New York City.
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