NEW YORK--(BUSINESS WIRE)--Bizfi (www.bizfi.com), the premier fintech company with a platform that combines aggregation, funding and a marketplace for small businesses, announced they have originated more than $127 million in financing in the third quarter of 2016.
The top sectors seeking financing through the Bizfi marketplace include manufacturing, retail, business-to-consumer (B2C) services (i.e. daycare, cleaning) and business-to-business (B2B) services (i.e. inspectors, consultants). Funding to the manufacturing sector doubled, while retail showed a 23 percent increase, B2C services rose 20 percent and B2B fundings rose 15 percent.
“As small businesses are the backbone of the U.S. economy, the growth in manufacturing, retail and the service sectors signal that our economy is strengthening and consumers have more discretionary income. Our financing data indicates that businesses are turning to the Bizfi platform to expand and accommodate this uptick in consumer demand,” said Stephen Sheinbaum, founder of Bizfi.
Businesses in the following states sought out more capital from Bizfi in Q3 year-over-year:
- Michigan - 37 percent increase;
- Pennsylvania - 36 percent increase;
- Georgia - 24 percent increase;
- New York and Texas both experienced 10 percent growth, with significant volume increase
Built from proprietary technology, Bizfi’s platform uses APIs to leverage a wide variety of sources to quickly offer loans and other financial products to small businesses. The platform is strengthened by strategic relationships with more than 45 funding partners, 15 of which are integrated within the platform, including OnDeck (NASDAQ:ONDK), Funding Circle, Bluevine, Dealstruck and Kabbage. Bizfi is also a direct lender on the platform providing financing to small businesses.
John Donovan, CEO of Bizfi said, “The demand Bizfi is experiencing on the platform corroborates the results of our Small Business Growth Survey, which found that business owners are investing more in their companies and preparing for growth. As we move into 2017, we will continue to support the nation’s innovators and young businesses that are unable to secure funding from banks to foster growth.”
Bizfi is the premier fintech company combining aggregation, funding and a participation marketplace on a single platform for small businesses. Founded in 2005, Bizfi and its family of companies have provided in excess of $1.9 billion in financing to more than 33,000 small businesses in a wide variety of industries across the United States.
Bizfi's connected marketplace instantly provides multiple funding options and real-time pre-approvals to businesses from a wide variety of funding partners. Bizfi's funding options include short-term financing, franchise financing, lines of credit, equipment financing, medical financing, invoice financing, medium-term loans and long-term loans guaranteed by the U.S. Small Business Administration. The Bizfi API provides a turnkey white label or co-branded solution that easily allows strategic partners to access the Bizfi engine and present their clients with financial offers from Bizfi lenders all while maintaining their customer's user experience. A process that once took hours, now takes minutes.