Toronto-based Fintech Company Lendified Secures $15 Million in Funding to Support its Growth
Lendified, a Toronto-based fintech, successfully closed a $15 million funding round. FirePower participated in the financing, which positions Lendified to expand its lending activity to small businesses. The company’s full press release follows:
April 17, 2019
Lendified Holdings Inc. (“Lendified”), a Toronto-based financial technology company, is pleased to announce that it has successfully closed a $15 million funding round with institutional and private investors. These include CI Financial Corp., Windsor Private Capital Limited Partnership, FirePower Capital, and a group of high net worth investors including Glenn Murphy, the founder of FIS Holdings and former CEO of Gap Inc. and Shoppers Drug Mart. With this funding in place, Lendified is executing on its strategic and financial objectives as a leading small business lender and SaaS company.
Launched in 2015, Lendified provides short-term loans to small businesses across Canada, tools for managing cash flow, and advanced credit adjudication software to financial service providers across North America. Through its lending business, Lendified offers fast and affordable business loans up to $150,000 for terms up to two years. Small business owners can apply online in minutes, get an instant quote, and receive funding in as fast as 48 hours. Since inception, Lendified has received over $600,000,000 in loan requests and experienced exceptional growth and portfolio performance. With established direct-to-borrower channels, broker partnerships, and a growing list of large corporate partnerships, Lendified is continuing its rapid expansion in this segment.
Lendified’s advanced underwriting process is powered by JUDI, its state-of-the-art credit adjudication platform which enables users to quickly and accurately assess, price, and monitor credit risk, and in-turn provide the best possible services to customers. Lendified’s technology division (Judi.ai) offers the JUDI platform as a SaaS solution, which is increasingly becoming used by leading credit unions, community banks, and other financial services companies.
“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 $5 billion in lending opportunities”, said Kevin Clark, President of Lendified Holdings.
Furthermore, Troy Wright, CEO of Lendified Holdings stated that he sees tremendous opportunity with the JUDI SaaS platform business as financial institutions push to find best-in-class AI-enabled lending solutions.
The financing was co-led by WD Capital Markets Inc. and INFOR Financial Inc. Lendified retained Wildeboer Dellelce LLP to provide legal advice in connection with the funding round.
Lendified is a leading Canadian fintech company founded by former bank executives. The company offers online loans to small businesses across Canada and a SaaS credit platform to financial institutions across North America. Lendified’s innovative technology has been featured by The Globe and Mail, Financial Post, Bloomberg, Toronto Star and more. For more information, visit www.Lendified.com (lending) and www.Judi.ai (SaaS platform).
About CI Financial Corp.:
CI Financial Corp. (TSX: CIX) is an independent Canadian company offering global asset management and wealth management advisory services. Its primary operating businesses are CI Investments Inc., Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Grant Samuel Funds Management Pty Ltd. of Australia, First Asset Investment Management Inc., and BBS Securities Inc. Further information is available at www.cifinancial.com.
About Windsor Private Capital:
Windsor Private Capital is a private merchant banking firm headquartered in Toronto, Canada. Since 1994, Windsor has provided structured credit and bridge financing solutions to small and middle-market companies, both public and private, as well as entrepreneurs and high net-worth individuals. Further information is available at www.windsorgp.com.
About FirePower Capital:
FirePower Capital (www.firepowercapital.com) is the investment banking and private capital firm built for Canada’s entrepreneurs. FirePower’s team of 30+ deal professionals helps mid-market businesses complete mission-critical transactions by advising them or investing in them directly.
Co-Founder, CEO and Director
GrowthGenius (“GG”) is an AI-assisted sales prospecting service provider for B2B businesses, headquartered at the OneEleven accelerator in Toronto. The company needed financing to fund its rapid expansion. Raising equity seemed like the obvious choice, but GG's exceptional growth prospects made an equity investment unappealing because of the high cost of dilution. GG sought out a debt solution, and were well into discussions with other lenders when FirePower was introduced.