Lendio, a Salt Lake City, UT-based marketplace for small business loans, secured $20m in funding.
Backers included Comcast Ventures and Stereo Capital and existing investors Napier Park, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures. In conjunction with the funding, Dave Zilberman, managing director of Comcast Ventures, will be joining Lendio’s board of directors.
The company intends to use the funds to accelerate growth through marketing, sales and brand awareness.
Led by Brock Blake, founder and CEO, Lendio is a free online service for business owners to find short-term specialty loans or long-term low-interest traditional loans and decrease the amount of time and effort it takes to secure funding.
In Q3 2016, over $63m in loans were provided to more than 2,900 businesses in 46 states.