Lendio, a Lehi, UT-based marketplace for small business loans, acquired Billy and launched its bookkeeping software for small businesses.
The amount of the deal was not disclosed.
Sunrise, a Lendio company, is a freemium bookkeeping software platform combining accounting, cash flow management, loan and credit information. The cash flow, billing and expense tracking solution also provides solopreneurs and small business owners wwith customized access to Lendio’s marketplace of business loans and customer service.
Sunrise comes in two versions. The first is a free plan that removes enterprise features and allows businesses to do both cash and accrual-based accounting. The platform’s invoicing system allows users to create personalized invoices, as well as automate recurring invoices and pay reminders. Customers can pay by credit card through the platform’s secure customer portal, and business owners can see when invoices have been viewed, as well as create quotes and estimates online.
The free version also allows business owners to sync bank accounts and credit cards, categorize and track expenses and income, and store receipts in a central location. Reports including profit and loss, balance sheet, tax summary, accounts receivable and customer statements allow business owners to keep better tabs on their financial health.
A paid subscription allows growing businesses to expand accounting capabilities by leveraging bookkeeping experts, to automate and streamline accounting tasks, It also integrates with Stripe, PayPal and Square.
A mobile app is currently in development.
Founded in 2011 by Brock Blake, CEO, Lendio is a free online service that allows business owners to find the right small business loans within minutes among a network of over 75 lenders offering multiple options, from short-term specialty financing to long-term, low-interest traditional loans,
To date, the company has facilitated close to $1.5 billion in financing through more than 70,000 loans to business owners in all 50 states.