Another Small Business Loan Marketplace is Getting a Massive Venue
What’s the difference between a typical bank having naming rights to a sporting arena and a fintech lender? The fintech lender will attempt to serve as a one-stop-shop for everything. And that’s important because this October the Intuit Dome will open its doors in Inglewood, California and become the hometown arena for the LA Clippers. Intuit has a lot of brands. According to the NBA, Intuit subsidiaries TurboTax, QuickBooks, Credit Karma, and Mailchimp will all feature prominently in the venue experience. That draws attention to QuickBooks Capital, the company’s small business lending division which is presently generating more than $1 billion a year in loans. Intuit’s got a fallback option for businesses that might not be suitable for them directly, an automated marketplace that connects business owners with other lenders. It’s been so successful that Intuit states they’ve originated more than $2 billion in loans through it.
This seamless integration of referrals to other lenders is what makes the marketing campaign via arena naming rights so potent. And they won’t be the first ones to do it. SoFi, for example, whose football stadium is in walking distance to the Intuit Dome, just announced its own small business loan marketplace. SoFi Stadium was home to the Super Bowl in 2022 and will be again in 2027. It will also be home to the Olympics in 2028. Not a bad way to get one’s name out there.