NEW YORK--(BUSINESS WIRE)--Bizfi (www.bizfi.com), the premier FinTech company with a platform that combines aggregation, funding and a participation marketplace for small businesses announced that it originated more than $127 million in business financing in the third quarter of 2015. This represents a double-digit percent increase in originations compared to the second quarter of 2015.
"As the U.S. economy shifts, more small businesses are looking for new sources of growth and working capital. They are finding, in Bizfi, a source of financing that is simple to use, quick and efficient," said Stephen Sheinbaum, founder of Bizfi. “That is particularly the case in the months since we launched our marketplace platform. We are funding a growing number of clients every month, and our technology allows us to create more strategic partnerships to better serve the small business community." More than 3,500 companies were funded through Bizfi in the third quarter of this year.
The growth comes as Bizfi continues the expansion of its platform, which now includes strategic relationships with integrated funding partners, including OnDeck (NASADAQ:ONDK), Funding Circle, CAN Capital, Kabbage, IMCA Capital, Bluevine, SmartBiz, and more than 30 non-integrated partners. Bizfi, which rebranded from Merchant Cash and Capital in September 2015, also participates in funding through the site.
Last month, Bizfi launched both its API (application protocol interface) and a white label solution at Finovate New York, a key FinTech industry conference. These technologies enable partner companies to provide direct lending solutions to their small business customers. The first partner to leverage the platform is Xero, a cloud-based online accounting software for small businesses worldwide with more than 540,000 small business subscribers. Xero’s subscribers are now able to instantly access alternative financing options through Bizfi’s seamlessly integrated online application process.
“Whether business owners come directly to Bizfi.com or through a white label portal, we are committed to making their visit the most productive it can be,” concluded Mr. Sheinbaum.
Bizfi, formerly known as Merchant Cash and Capital, 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 more than $1.3 billion in financing to more than 25,000 small businesses in a wide variety of industries across the United States.
Bizfi's connected marketplace instantly provides multiple funding options to businesses from a wide variety of funding partners and real-time pre-approvals. Bizfi's funding options include short-term financing, franchise funding, lines of credit, equipment 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.