A tech company helping SMEs get access to funding has reached $100m in loans to small and medium business owners from online lenders.
The news comes as Lending Express is also granted state permission to open for business in California.
The group helps to facilitate loans between its panel of lenders and small businesses. If a small business is struggling to get funding Lending Express offers access to a financial profile called LendingScore.
This profile gives the small business tips on how to improve its ‘fundability’ and guides it to new funding opportunities.
Since launching in October 2016, more than 110,000 small and medium business owners in the U.S. and Australia have registered on the Lending Express platform.
This has enabled the businesses to access funding opportunities from online lenders, resulting in 6,387 loans matched at a total loan volume of $100m.
Over the past 12 months, this represents a 406% increase in the number of loans, a 244% increase in loan volume, and a 196% increase in customers.
Lending Express expects to increase their amount of US funding and customers by 50% and 40%, respectively, over the next quarter.
Speaking to Australian Broker, CEO and co-founder Eden Amirav said, “Thinking of such an amazing high number in such a short time makes everybody here super proud, because we really feel we’re having a positive impact on the economies in two of the biggest markets in the world.
“[We’re] a start up and we’re only two years running, but it’s an amazing journey.
“I think as a start up you deal with a lot of challenges. There’s a lot of things on a day to day basis you deal with and it’s very easy to forget what we’re actually doing.
“We try here to remind ourselves on a daily basis that everything we’re building is money going out of the lenders to businesses to grow their business. And eventually it goes to consumers who use those business’ services.”