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Classified in: Science and technology, Business
Subject: VEN

Lendflow Closes $10.8 Million Series A Financing to Turn Any Company into a Fintech


AUSTIN, Texas, Oct. 13, 2021 /PRNewswire/ -- Lendflow, the market leader in embedded small and medium business lending, today announced it has raised a $10.8 million Series A funding round. Underscore VC led the financing, which brings its total funding raised since its 2019 inception to over $13 million. Uncorrelated Ventures, Y Combinator, 2048 Ventures, Knoll Ventures, I2BF, Hack VC and Navitas Capital also participated in the latest round.

Lendflow enables every SaaS company to become a fintech. Lendflow's white label solution allows vertical SaaS technology companies servicing small and medium businesses (B2SMB) to easily build, enhance or embed financial products within their ecosystem and offer hyper-contextual financing solutions.

The way in which small businesses access credit has shifted away from being a standalone activity handled by a financial institution, to a more contextual, in-workflow manner, offered and managed by companies that intimately understand their SMB customers. These companies are in a better position to use the data, knowledge, and relationships with their existing customers to deliver a superior financial product experience at a lower cost.

"The idea of contextual lending isn't new; in-market lending services have existed for some time, but historically, it took a tremendous amount of effort and time for a product or service provider to become a lender," said Jon Fry, CEO, Lendflow. "We've built a platform on which software companies can quickly launch financial products tailored to their audience. This promotes higher user engagement, increases revenue per user, and decreases churn. We're excited to execute alongside new partners, including Underscore VC, as they're deeply committed to the vertical SaaS space, and that added expertise will be crucial as we enter this next phase of growth."

Lendflow works with top vertical SaaS companies in construction, transportation, e-commerce and home services industries to help them launch lending services quickly and effectively. The platform includes:

"High performing teams that narrow focus on their specified areas of expertise are interesting to us as they get traction quickly and grow in a sustainable, managed way. That's why we're excited to back the team at Lendflow," said Chris Gardner, Partner at Underscore VC. "They understand their customers deeply, and have the insight and know-how to deliver an integrated platform on which these companies can build to deepen relationships with their customers, and offer customized services that would otherwise have to be outsourced to banks that don't have the intimate, industry knowledge to make these relationships consistently successful."

Customers have embraced Lendflow's user-friendly, industry-specific approach to lending vs. going through traditional banks. "Lendflow has helped us expand our reach into new markets by enabling us to quickly launch a robust capital program. Their full-service capabilities allow us to meet our customers' needs for fast, transparent access to capital in an efficient, scalable way." says Andrew Dunn, VP of Financial Products at Levelset.

The new funding will enable the company to expand its product suite with an improved customer experience and enhanced data services offerings to serve a broader group of customers in the U.S. and abroad.

About Lendflow
Lendflow is a technology leader that provides embedded finance infrastructure for vertical SaaS platforms. Combining a vast marketplace, contextual product placements and powerful data services that include data aggregation, orchestration, decisioning, monitoring and standardization, Lendflow enables every tech platform to build, enhance or embed financial products within their ecosystems. With Lendflow, SaaS platforms increase customer engagement and retention, lenders can expand their reach and increase operational efficiencies and SMBs can quickly access capital to power their growth.

About Underscore VC
Underscore VC is a Boston venture capital firm that backs bold entrepreneurs from seed to series A with dynamic capital and an aligned community designed to fit each startup's unique needs. To learn more about Underscore VC and the Underscore Core community, visit www.underscore.vc

Interested in learning more about Lendflow? Contact us or schedule a demo.

Contact:
Joel Richman for Lendflow
Escalate PR
joel@escalatepr.com 

SOURCE Lendflow


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News published on 13 october 2021 at 08:00 and distributed by: