Wednesday October 21, 2015 0 comments
DENVER -- P2Binvestor, a leading marketplace lender for asset-backed working capital, announced it has provided more than $110 million in funding to its borrowers since signing its first client in May 2014.
P2Bi said it has financed the growth of companies with annual revenues ranging between $500,000 and $25 million in industries that include technology, natural foods, manufacturing, logistics, energy and personnel services.
The company said its significant growth and increasing market share are being driven in part by the release of a new line of credit product called Ex-Factor and its accompanying online Lending Hub, a new borrower platform accessible on mobile, web and in any browser.
“We are the only platform tackling multi-million-dollar lines of credit for growing businesses, and achieving this milestone in 18 months speaks to the huge need for a technology-driven product,” said Krista Morgan, P2Bi’s co-founder and CEO.
“Underwriting deals of this size requires more than personal FICO scores and basic cash flow analysis, and we’re proud to be the first marketplace lender to create a scalable process, platform and a real solution for this market.”
P2Bi said it can provide working capital of up to $5 million per borrower normally secured by accounts receivable, inventory or monthly recurring income.