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Bizfi Reports Record Breaking Quarter, Originates $144MM

May 18, 2016, 07:14 AM
Filed Under: Industry News

Bizfi announced it originated more than $144 million in financing to 3,605 small businesses in the first quarter of 2016. This is a record in originations for any one quarter, resulting in a 49 percent year-over-year increase over the $96 million originated in the first quarter of 2015.

Earlier this year, Bizfi announced they had become a Premier Solution Provider with Western Independent Bankers (WIB), a trade association with community and regional banks across the Western United States. This relationship provides the small business clients of WIB’s member banks and bank service providers access to Bizfi’s alternative financing platform.

“Associations like WIB recognize our value, as their banks are integrating with our technology and offering our alternative funding solutions to small business owners that don’t fit in their credit box. These types of relationships not only help to fuel Bizfi’s growth, they ensure the financial partner continues to maintain their customer relationships by providing their clients an alternative for the financing they need,” said Stephen Sheinbaum, founder of Bizfi.

Bizfi and its proprietary marketplace and funding technologies have provided in excess of $1.6 billion in financing to more than 29,000 small businesses across the United States since 2005. The Bizfi platform has integrated with 15 funding partners, including OnDeck, Funding Circle, Kabbage, IMCA Capital, Bluevine, SmartBiz and more than 30 additional partners that are available offline. Bizfi also participates in funding on the platform. The platform 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 U.S. Small Business Administration.

Mr. Sheinbaum concluded, “Bizfi’s marketplace makes us a valuable resource for thousands of small business owners across the United States,” said Stephen Sheinbaum, founder of Bizfi. “In 2016, we’re looking forward to further expanding our product set and partnering with more traditional financiers, enabling us to fund the growth of even more of America’s small businesses.”

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