LendingFront, a NYC-based small business lending software provider, raised a $4m Series A funding.
The round was led by Information Venture Partners with participation from Newark Venture Partners, Revel Partners, Contour Venture Partners and existing investors Struck Capital, ValueStream Ventures and Las Olas VC.
The company intends to use the funds to expand their team hiring for sales, marketing and engineering roles.
Led by Jorge Sun, CEO, and Dario Vergara, CTO, LendingFront provides banks and financial institutions with a white label software platform to get access to technology for originating, underwriting and servicing small business credit – a $600b+ market, according to the U.S. Small Business Administration.
The system offers a set of integrated or standalone modules covering all aspects of the financing process including application intake and workflow, underwriting, decisioning, offer presentation, monitoring, and servicing. The platform also offers clients the ability to automate as much of the lending process as they choose, while retaining full control and manual oversight where desired.
Current clients range from fast-growing online-only credit providers to $10bn+ financial institutions.