TORONTO--(BUSINESS WIRE)--Lendified, a Canada-based lender who provides small business loans online has entered into an agreement with ClearFlow Commercial Finance (“ClearFlow”) to increase its lending capacity. Through the agreement, ClearFlow is providing Lendified with a $60 million credit facility to fund loans delivered through the Lendified website. This increases Lendified’s lending capacity to $85 million which is good news for small businesses looking for capital. “We have the funding to substantially increase our loan book and support for small businesses across Canada which is right on strategy,” says Lendified CEO, Troy Wright.
Alternative lenders in Canada continue to experience explosive growth in their effort to help meet the demand for capital from small businesses which is conservatively estimated at $2 billion and aggressively around $5 billion. Lendified itself has received over $220 million in loan requests and interest continues to increase. “More and more small businesses are learning about our fast and affordable loans,” says Lendified President, Kevin Clark. “Not only are our customers spreading the word about the benefits of using Lendified, we are additionally seeing the message being amplified by trusted advisors who have partnered with us to better serve their clients,” added Kevin.
ClearFlow specializes in financing solutions for alternative lenders and this facility adds to its significant business with “Fintech” lenders. “We are pleased to have formed a partnership with Lendified and to provide capital to support their growth strategy,” said Randy Rutherford, co-Founder and Director of ClearFlow. “Lendified exemplifies today’s merger of lending skillsets, quality management and technology within the Fintech world of financial services. Lendified delivers great value to their customers by leveraging their industry leading advanced methodologies around credit analysis and information technology.”
Deloitte Corporate Finance advised Lendified on the financing and Wildeboer Dellelce LLP acted as legal advisor. "It is the pedigree of Lendified's management team and the strength of their proprietary credit engine that drove this outcome. A competitive financing process attracted strong interest and surfaced several financing options for the company from both sides of the border," said Romit Malhotra, Senior Managing Director at Deloitte Corporate Finance.
Lendified (www.lendified.com) is a Canada-based small business lender providing working capital loans of $5,000 to $150,000. Through a simple online application, business owners can qualify in minutes, receive an instant quote, and get funding in as fast as 48 hours. This process is powered by the Lendified Platform, a customizable AI-powered credit platform (www.lendified.ai), which Lendified offers to financial institutions looking to enhance their adjudication process and customer experience. Lendified is also, through its Vault Circle subsidiary (www.vaultcircle.com), the first digital lender to secure an exempt market dealer license from the OSC and offer accredited investors the ability to invest in its online business loans.
About ClearFlow Commercial Finance:
ClearFlow Commercial Finance provides working capital solutions through a cloud-based platform that delivers fully digital, efficient, transparent services. The company works with clients who need to fund growth by helping to expand their financial capacity through end-to-end solutions across Project/WIP finance, PO/Receivables finance and Loan Warehousing.