Lendio, a South Jordan, UT-based small business lending marketplace, raised a $20.5m funding.
The round was led by Napier Park’s Financial Partners Group, with participation from Blumberg Capital, North Hill Ventures, Pivot Investment Partners and existing investors Tribeca Venture Partners, Runa Capital and Highway 12 Ventures. In conjunction with the funding, Dan Kittredge, managing director at Napier Park, and Chris Gottschalk, principal at Blumberg Capital, will join Lendio’s board of directors.
The company intends to use the funds to accelerate online innovation, expand the partnership program and grow its team of trusted loan advisors.
Led by Brock Blake, founder and CEO, Lendio operates a free online service for business owners to find the right small business loans, from short-term specialty financing to long-term low-interest traditional loans, within minutes.