Lendio Plans Development and Growth With $55 Million Series E
Today Lendio announced that it raised $55 million as part of its series E funding round. This included $31 million in equity led by Mercato Partners Traverse Fund and a $24 million debt facility from Signature Bank.
“We think that we’re just getting started, that there’s a really large opportunity in front of us and we’re excited that this round will give us the fuel that we need to continue to grow,” Lendio CEO Brock Blake told deBanked in a call. “We have a few different reasons for pulling together the round, but primarily, it’s all around investing in organic growth through partnerships and different marketing channels.”
Asked where these funding rounds may continue in an F, G, and H, Blake was unsure, saying that “every time we raise a round we do it with the expectation that it will be the last round.”
The funds in part will be used to further develop Lendio’s integrated lenders services, which are a set of tools used to identify which loan product and lender are the best match for a business owner; as well as the expansion of Sunrise, the bookkeeping platform Lendio acquired in 2019.Last modified: February 27, 2020
Brendan Garrett was a Reporter at deBanked.