Toronto’s Lendified announced today that it has successfully closed a $15 million funding round with institutional and private investors.
Launched in 2015, Lendified provides short-term loans to small businesses across Canada, tools for managing cash flow, and advanced credit adjudication software to financial service providers across North America.
Investors in the round include CI Financial Corp., Windsor Private Capital Limited Partnership, FirePower Capital, and a group of high net worth investors including Glenn Murphy (former CEO of Gap and Shoppers Drug Mart).
Through its lending business, Lendified offers fast and affordable business loans up to $150,000 for terms up to two years. Small business owners can apply online in minutes, get an instant quote, and receive funding in as fast as 48 hours.
Since inception, Lendified has received over $600,000,000 in loan requests and experienced exceptional growth and portfolio performance. With established direct-to-borrower channels, broker partnerships, and a growing list of large corporate partnerships, Lendified is continuing its rapid expansion in this segment.
With this funding in place, Lendified is executing on its strategic and financial objectives as a leading small business lender and SaaS company.