Small business loan platform Bizfi picks up $20m financing

New York-based Metropolitan Equity has backed financial technology company Bizfi with a $20m growth equity investment.

The company, which provides a variety of business finance solutions, said it plans to use the money to expand its suite of funding programs.

It also plans to use the new capital to increase the speed at which applicants can access financing and develop a national marketing campaign.

Bizfi, formerly known as Merchant Cash and Capita, helps small businesses choose from loan options through its funding platform.

Founded in 2005, Bizfi and its family of companies have provided more than $1.7bn in financing to more than 30,000 small businesses in a wide variety of industries across the United States.

It provides multiple funding options including short-term financing, medical financing, lines of credit, equipment financing, invoice financing, franchise financing, medium-term loans and long-term loans guaranteed by the US Small Business Administration.

Metropolitan seeks private US companies with enterprise values up to $100m according to its website.

It targets companies in the financial services, specialty finance, information services, business services, and Energy and related services sectors.

Copyright © 2016 FINTECH GLOBAL