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Lendio

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Adapted from the English Wikipedia article Lendio, available under CC BY-SA 4.0Updated 26 July 202512 sources
Lendio
IndustrySmall business loans
Founded2011
FounderBrock Blake, CEO
Trent Miskin, CGO
Brett Child, EVP Sales
Key people
Chad Iverson, COO
Ben Davis, Chief Revenue Officer
Websitewww.lendio.com

Utah-based Lendio—initially known as Funding Universe—was established in 2011 by Brock Blake and Trent Miskin as a complimentary online marketplace designed specifically for small business lending within the United States.[1]

History

The origins of Lendio trace back to its predecessor, Funding Universe, a pay-to-pitch service that appeared on Inc. magazine’s list highlighting the fastest expanding private firms.[2] Following public backlash, the company discontinued its fee-based model.[3] The initial enterprise began under the name FundingUtah in 2006, founded by Blake and Miskin.[1]

By 2011, the organization rebranded as Lendio with Blake assuming the role of CEO.[4] The platform completed its inaugural loan transaction in late 2013 and had arranged $12.4 million in capital for more than 400 small businesses by 2014. Its growth accelerated quickly, reaching $128 million in financing facilitated by 2015.[5]

In October 2016, Lendio raised $20 million in a funding round led by Comcast Ventures and Stereo Capital, alongside previous investors such as Napier Park and Blumberg Capital.[6] At that point, the company had provided over $250 million in funding to upwards of 10,000 small business clients.[7]

The franchising initiative was introduced by Lendio in early 2017,[8] and by 2018 it had supported financing totaling $430 million for over 7,000 U.S. small enterprises.[9] In the second quarter of 2018, Lendio reported a 90% increase in revenue year-over-year and announced that it had serviced $1 billion in cumulative loans to more than 51,000 small businesses, contributing $3.8 billion to economic output.[10]

During the first quarter of 2020, Lendio completed a $55 million Series E capital raise led by Mercato Partners.[11] Amid the early stages of the COVID-19 Paycheck Protection Program, Lendio onboarded hundreds of lending partners and facilitated loan approvals amounting to $8 billion for over 100,000 businesses.[12]

Lending platform

Lendio’s technology assesses essential business indicators—such as financial forecasts, intended use of funds, sector classification, and monthly revenue—to connect borrowers with appropriate lending products. By posing targeted inquiries, it identifies optimal loan solutions tailored to each entrepreneur’s needs. Throughout the process, borrowers receive assistance from dedicated funding managers. The efficient online application typically requires just 15 minutes to complete, a substantial reduction compared to traditional loan applications that may take up to 25 hours.

The company provides an array of financing alternatives for small businesses including credit cards, lines of credit, short-term niche loans, and long-term conventional loans.

  1. ↑ 1.0 1.1 Cite error: Invalid <ref> tag; no text was provided for refs named Fundi.Y
  2. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Fundi.Forbes
  3. ↑ FundingUniverse LLC ceased charging fees amid criticism.
  4. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named FundiLendi.TechCrunch2011
  5. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named prweb
  6. ↑ Investment news October 2016
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named prweb2
  8. ↑ Franchise launch 2017
  9. ↑ Franchise growth 2018
  10. ↑ Q2 2018 financials
  11. ↑ Series E funding press release
  12. ↑ PPP facilitation during COVID-19
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