Brief: Lendio Raises $20 million for Growth Marketing
Salt Lake City-based loan marketplace Lendio raised $20 million in new funding through a round led by Comcast Ventures and Stereo Capital. Other participants included Napier Park, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures, all of whom were exiting investors. Lendio plans to use the funds towards growth marketing.
“Over the past year, we’ve been busy testing new customer acquisition strategies. With this new round of capital, we now have the resources to launch these exciting new initiatives that will help us to expand our brand awareness and help small businesses find the best loan for any situation,” said Lendio CEO Brock Blake.
Lendio is a loan marketplace that has done partnerships right. The company’s three lucrative deals with American Express, GoDaddy and Staples fueled $63 million in Q3 funding. Last month, the company added Detroit-based working capital financing company Supplier Success to its platform, to improve capital access to businesses owned by minority and women owners.
“Lendio’s success securing meaningful partnerships and impressive year-over-year growth shows the company is poised to go big,” said Dave Zilberman, managing director of Comcast Ventures, who will join Lendio’s board of directors as part of the transaction.Last modified: December 18, 2016