Canada-based Lendified raises USD 15 mln in Series A funding

Monday 22 April 2019 14:31 CET | News

Lendified, a Canada-based fintech, has closed a USD 15 million CAD Series A funding round, in order to continue its growth within Canada.

The round was co-led by WD Capital Markets and INFOR Financial, and saw funding from CI Financial Corp., Windsor Private Capital, FirePower Capital, and a group of investors including Glenn Murphy, founder of FIS Holdings and former CEO of Gap Inc. and Shoppers Drug Mart.

Launched in 2015, Lendified provides short-term loans to small businesses in Canada. It also offers tools for managing cash flow, as well as advanced credit adjudication software to financial service providers across North America. The company offers business loans up to USD 150,000 for terms up to two years.

Since its launch, Lendified has received more than USD 600,000,000 in loan requests and experienced exceptional growth and portfolio performance, according to the company.

The startup’s underwriting process is also powered by its in-house SaaS platform, JUDI. JUDI is a credit adjudication platform that allows users to quickly and accurately assess, price, and monitor credit risk. JUDI was created by Lendified’s technology division and is powered by AI. Besides offering loans, Lendified also offers its SaaS platform to credit unions, community banks, and other financial services companies.

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Keywords: Canada, Lendified, funding, Series A, SaaS platform, JUDI
Countries: World

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