Invoice finance company LSQ advanced $455 million in working capital in Q1/17, coming off a year where it provided $1.8 billion to businesses. The company attributed its growth to new bank partnerships and the automation of its underwriting process.

LSQ entered into agreements with 16 banks in the last 12 months, and now has agreements with 40 banks, ranging from regional banks to top 10 national banks such as U.S. Bank, which recently integrated with LSQ as a way to offer invoice financing for its small business customers.

By automating its underwriting process, LSQ slashed its average time to funding from 28 days to three days or fewer for companies seeking less than $250,000, and seven or fewer days for those seeking more than $250,000.

“No other company in our market offers the combination of technology, funding scale and 20 years of operating history of LSQ,” said Max Eliscu, LSQ’s chairman and CEO.

LSQ recently raised more than $100 million in funding in an investment led by Lovell Minnick, and this past year and hired senior executives from high-profile technology companies, including:

  • Matt Epstein as chief marketing officer. Epstein was head of Marketing for Zenefits.
  • Adam Fern as VP of Product. Fern previously was head of Product for Square Capital and risk lead for Square Cash.
  • Darren Noll as VP Engineering. Noll previously worked as a founding engineer lead risk arranger at Square Capital.