Bizfi, a NYC-based online small business finance platform that combines aggregation, funding and a participation marketplace, received a $65m a structured financing facility from Metropolitan Equity Partners.
The company intends to use the proceeds to
– Expand its suite of funding programs;
– Increase the speed at which funding applicants access direct financing;
– Develop and implement a national marketing campaign designed to increase the awareness of the brand and platform within the small to medium-sized business community.
Founded in 2005 by Stephen Sheinbaum, Bizfi combines aggregation, funding and a participation marketplace on a single platform for small businesses. Bizfi’s connected marketplace instantly provides multiple funding options to businesses from more than 45 funding partners including OnDeck, Funding Circle, IMCA Capital, Bluevine and Kabbage and real-time pre-approvals.
Funding options include short-term financing, medical financing, lines of credit, equipment financing, invoice financing, medium-term loans and long-term loans guaranteed by the U.S. Small Business Administration. An API provides a white label or co-branded solution that allows strategic partners to access the engine and present their clients with financial offers from Bizfi lenders all while maintaining their customer’s user experience.
To date, Bizfi and its family of companies have provided more than $1.3 billion in financing to over 26,000 small businesses in a wide variety of industries across the United States.