Canadian fintech company Lendified Holdings has raised C$15m ($11.22m) from institutional and private investors to support its growth.
The funding round was joined by CI Financial, Windsor Private Capital Limited Partnership, and FirePower Capital. A group of individual investors also participated in the round.
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The fintech firm intends to use the proceeds to execute its strategic business expansion plans.
Lendified Holdings president Kevin Clark said: “With this additional capital, we will continue building our lending activity within a marketplace experiencing significant adoption of digital lending by the SME sector in Canada, – a segment we believe offers more than C$5bn in lending opportunities.”
A group of former bank executives launched Lendified in 2015. The company provides short-term loans to small businesses across Canada.
It also provides solutions for managing cash flow and advanced credit adjudication software to financial service providers.
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By GlobalDataIt offers loans up to C$150,000 for short terms up to two years. Lendified offers an instant quote to the applicants and disburse loans to eligible customers in as fast as 48 hours.
To date, it has received more than C$600m in loan requests.
Lendified utilises JUDI, a credit adjudication platform for underwriting process. It allows the users assess, price and monitor credit risk swiftly. The company also offers J UDI platform as a SaaS solution to financial institutions.
