Lendified Holdings, a Canadian-based online lender, has entered into an agreement with Liquid Capital.
Liquid Capital will provide the senior debt for a new credit facility, initially in an amount of up to $20 million, for working capital loans underwritten by Lendified. Lendified also closed $4 million in mezzanine financing through a private placement, bringing the total funding lines to $24 million. Lendified is now poised for significant growth across a number of targeted markets for its products.
“We are pleased to have formed a funding partnership with Lendified,” said Sol Roter, president and co-founder of Liquid Capital. “Lendified exemplifies today’s merger of lending skillsets, quality management and technology within the fintech world of financial services.”
Launched in early 2015, Lendified provides small businesses access to working capital from $5,000 to $150,000 for terms of up to two years. In early 2016 Lendified purchased Mentio Technologies, adding additional data and analytics capabilities to its technologically-advanced credit adjudication model.
Liquid Capital entered into a joint venture with Next Edge Capital in 2015 to co-fund investments in accounts receivable, trade finance and asset-based lending transactions.
