Lendio, the US-based operator of a business loans marketplace, has received $31m in equity funding from investors featuring mass media group Comcast together with $24m in debt financing.
Growth equity firm Mercato Partners led the equity tranche through its Traverse Fund, while Napier Park Financial Partners, Blumberg Capital, Stereo Capital and Runa Capital also took part.
Comcast participated through corporate venturing subsidiary Comcast Ventures, and the debt facility was supplied by financial services provider Signature Bank.
Lendio runs an online marketplace where small businesses can apply for loans. It utilises machine learning algorithms to process applications and match applicants to suitable lenders, and Lendio’s staff assist in reviewing offers and facilitating the loan.
The company has also developed an online bookkeeping platform called Sunrise by Lendio, and offers a loan application platform as a white label product to financial institutions, credit unions and online lenders.
The money will drive further integration of Sunrise with Lendio’s lending marketplace and will enable the company to double down on its white label software, including handling customer-facing sales on behalf of the lenders.
Lendio had previously raised $51m in equity funding, including $20m in a 2016 round co-led by Comcast Ventures and Stereo Capital and also backed by Napier Park, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures.
The latter four investors had already joined Pivot Investment Partners, Runa Capital and Highway 12 Ventures to provide $20.5m in funding for the company the previous year.
