QuickBooks Capital’s Small Business Lending Originations Surge

QuickBooks Capital, part of Intuit, originated $125M worth of small business loans in the fiscal quarter ending October 31, 2021.

For context, the company originated $232M across the entire fiscal year of 2021 ending on July 31st and $243M for the entire fiscal year of 2020. The company’s best fiscal year so far was 2019 when it originated $316M.

The company is now on track to surpass all previous years.

During the earnings call, CEO Sasan Goodarzi said that one of the company’s big bets is “to become the center of small business growth by helping our customers get customers, get paid fast, manage capital, pay employees with confidence and grow in an omnichannel world.”

“60% of small businesses struggle with cash flow and we are continuing to innovate to create solutions for customers to overcome this challenge,” Goodarzi said.

Intuit recently acquired Mailchimp and acquired Credit Karma last year.