Lendified Holdings, Inc., a Toronto, Canada-based financial technology company, closed a $15m funding round.
Backers included CI Financial Corp., Windsor Private Capital Limited Partnership, FirePower Capital, Glenn Murphy, the founder of FIS Holdings and former CEO of Gap Inc. and Shoppers Drug Mart.
The company intends to use the funds to continue to expand operations.
Launched in 2015 and led by Kevin Clark, President, and led by Troy Wright, CEO, Lendified offers online loans to small businesses across Canada and a SaaS credit platform to financial institutions across North America (used by credit unions, community banks, and other financial services companies) featuring tools for managing cash flow, and advanced credit adjudication software to financial service providers across North America.
Through its lending business, the company offers loans up to $150k for terms up to two years.
Its advanced underwriting process is powered by Judi, its credit adjudication platform which enables users to assess, price, and monitor credit risk, and in-turn provide the best possible services to customers.