History and Development
Lendio's predecessor, Funding Universe (FundingUniverse) [3] [8] was a pay-to-pitch [9] on Inc. 's list of "the fastest-growing privately held companies". [3] They stopped charging "amid the criticism". [10]
The name FundingUniverse was an outgrowth of the FundingUtah that Blake and Miskin began in 2006. [4]
Founded in 2006 as FundingUtah, [4] it became FundingUniverse and, by 2011, Lendio. [11] CEO Blake [12] [1] has served in that role to each.
Founded in 2011, Lendio facilitated its first loan in Q4 2013. In 2014, it coordinated $12.4 million in funding to more than 400 small business owners. By 2015, the company had expanded to $128 million in financing. [13]
In October 2016, Lendio raised $20 million [14] in funding from Comcast Ventures and Stereo Capital with participation from existing investors Napier Park, Blumberg Capital, Tribeca Venture Partners, and North Hill Ventures. By 2016, it had delivered over $250 million in total funding [15] to more than 10,000 small businesses.
The Lendio Franchising program was launched in early 2017. [16] As of 2018, it had facilitated $430 million to over 7,000 small businesses in the U.S. [17]
In Q2 2018, Lendio reported [18] 90% year-over-year revenue growth. In October 2018, Lendio announced it had serviced $1B of total loans to over 51,000 small businesses across the country, providing $3.8B in economic output.
In Q1 2020, Lendio announced it had secured $55M in a Series E Funding Round. [19] In the first month of the Paycheck Protection Program during the COVID-19 pandemic, Lendio onboarded hundreds of lenders to help facilitate what would eventually amount to $8 billion in loan approvals for over 100,000 businesses. [20]
In early 2021, Lendio helped facilitate over 213,000 PPP (Paycheck Protection Program) loan approvals totaling about US$9.8 billion. [21] The company especially served very small, minority-owned and women-owned businesses under the revised PPP rules. Revenue was reported at approximately US$43.2 million in 2021. [22]
In 2022, Lendio made business model adjustments: Sunset its “Sunrise by Lendio” brand (accounting, invoicing, expense tools) and integrated those features into its main loan marketplace. [23]
In 2023, Lendio reported that despite banking sector disruptions, its network of lenders showed stable lending capacity and liquidity, and overall the company has facilitated more than 330,000 small business loans totaling over US$13 billion, including US$9.8 billion in PPP loans. [24]
In Q1 of 2025, Lendio Small Business Lending Index score was reported as 73 (+0). [25] Lendio highlighted new Small Business Administration guidance effective June 1, 2025, affecting eligibility, loan classifications, and documentation for SBA 7(a) and 504 programs. [26]
