Lendio picks up $20m round after lending grows 93%

Small business lending marketplace Lendio has raised $20m in a Series D round led by Comcast Ventures and Stereo Capital.

Existing backers Napier Park, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures also participated.

The funding brings the amount raised by the Utah-based company to $51m in total.

Lendio’s marketplace is designed to allow small businesses looking for financing to review offers from multiple lenders and find the right rate for them.

Commenting on the company’s new investors Lendio’s CEO and founder Brock Blake said, “Comcast Ventures and Stereo Capital are ideal partners because they have broad experience scaling SMB business models, deep connections in mass market media and great understanding of FinTech.”

The lender is also disclosing new figures to back up its claims of growth over the past year.

In Q3 2016 the company facilitated more than $63m in loans, an increase of 93% on Q3 2015.

Lendio also saw the number of businesses receiving funding increase 242% year on year to pass 2,900 in Q3.

It reports the number of repeat customers to the service increased by 227% in the third quarter.

Lendio says the fresh capital will be pumped into its marketing and sales efforts with the aim of increasing brand awareness across the US.

Blake said, “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.”

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