AI business loan co Lending Express raises $2.7m

Lending Express Photo: PR
Lending Express Photo: PR

The Israeli company's technology matches businesses with the most relevant lenders and provides a fast, simple funding solution at no cost.

Israeli AI-powered marketplace for business loans Lending Express today announced the closing of a $2.7 million seed financing round led by Entrée Capital, iAngels, and existing investors. The funds will be used to develop the company's innovative loan-matching technology and scale up operations in the US and Australia.

Lending Express’ technology matches businesses with the most relevant lenders and provides a fast, simple funding solution at no cost. Through their proprietary AI-powered AlgoScore and MatchScore algorithms they are able to predict the likelihood of a potential business to be funded and match the most relevant SMBs with the right lender, financial solution, and terms, providing lenders with the most qualified customers and thus increasing conversion rates from application to loan. This creates a win-win for businesses and lenders.

This financing round follows impressive growth in the past year. Lending Express has increased total number of loans matched six-fold, connected SMBs to $44.8 million in funding since operations began in the last quarter of 2016, and expects to quadruple the amount of US funding in three quarters from $1.3 million to $5.2 million demonstrating strong and consistently increasing demand.

Lending Express cofounder and CEO Eden Amirav said, “The online alternative finance market is expanding at an incredibly rapid rate, and yet until now, has remained shamefully archaic and rudimentary. Charting a new path for SMBs to access loans, our proprietary technology not only matches SMBs with their ideal lenders at an unprecedented success rate, but also does so painlessly. As we expand, we look forward to supporting the ever-growing SMB sector, in the US and Australia, and beyond.”

“The Lending Express team has built a fantastic product,” said Eyal Lifshitz, CEO of online SMB lender Bluevine. “Their mission is perfectly aligned with our own goal of providing small businesses access to capital when they need it most - with speed, simplicity, and transparency. Lending Express helps makes our job that much easier by ensuring that we are meeting businesses we can help.”

“We are proud to be leading this funding round for Lending Express, having proven their model in Australia to become the market leader within a matter of months,” commented Mor Assia of iAngels. “Looking at the industry, it is clear that this innovative approach is the future. We are excited for the opportunity to play a part in bringing about the next big trend in loan lending and have full confidence Lending Express will become a leader in the market.”

Published by Globes [online], Israel business news - www.globes-online.com - on May 22, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Lending Express Photo: PR
Lending Express Photo: PR
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