Lendio, one of the US’s biggest marketplaces for small business loans and online bookkeeping, recently announced that it finished its latest funding round, early in March 2020. According to the company, they managed to raise $55mn in funding, which also included $31mn in equity led by Mercato Partners’ Traverse Fund, as well as a new debt facility from Signature Bank, valued at $24mn.

Several of Lendio’s existing investors took part in the equity round, like Comcast Ventures, Blumberg Capital, Napier Park Financial Partners, Stereo Capital, and Runa Capital. This round of funding will allow the loan marketplace to broaden their scope and improve their capabilities, while also letting them offer new online bookkeeping and lender functions.

Notably, Lendio’s year-over-year growth from 2018-20 has averaged at 75%, which let it grow into one of the largest, if not the largest, of the US’s small business financing marketplaces. Since beginning operations, the company has facilitated at least 100,000 loans totaling $2bn via a combination of leading technology, data science, as well as expert advice.

Lendio operates with the use of machine learning algorithms, alongside a pool of suitable lenders. Small business owners only need to fill out a 15-minute online loan application. The company’s team of experts will then review the application alongside the business owners, in order to facilitate a loan that’s equitable for both entrepreneur and the lender.

With access to capital, Lendio’s small business client managed to generate an estimated $6.5bn in economic output in the US, while also creating about 45,000 jobs in communities. This high-tech marketplace has allowed Lendio to partner up with major companies like Funding Circle, Comcast Business, Staples, PayPal, LendingClub, and others.

Lendio has released some information on their plans for what to do with the investment. One of these is the boosting of their online bookkeeping platform, Sunrise by Lendio, which includes integrating its function with their loan marketplace platforms. Additionally, the company has stated they also plan on boosting its lender services division, in order to help provide banks, credit unions, and online lenders access to their custom online app that allows for the acceptance of loan applications online.