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Canada's Lendified raises $15m

Source: Lendified

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.

0“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.

0 (1)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. 

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