IOU Financial Breaks All-Time Internal Loan Originations Record

IOU Financial originated $34.4M worth of small business loans in Q2, the company reported, a 272% increase over the same quarter last year. July was IOU’s best month ever, coming in at $18.5M in originations.

The achievements follow a slew of announced changes, including new hires and a cash-back loan product.

“We are delivering on our Post-Pandemic Growth Plan and these growth figures are the result,” said Robert Gloer, President and CEO, in the quarterly earnings announcement. “We are committed to continue delivering on our plans and maximizing the growth potential of the marketplace strategy.”

The company hopes to originate between $165M to $200M of business loans for the year, which would be their best year ever, according to the deBanked Small Business Funder Rankings.