Lendio, the nation’s leading small business financial solutions marketplace, today announced its asset purchase of Laso’s Loan Origination Software (LOS) and proprietary insights technology, furthering its mission to support small and midsize businesses.
This will serve as the foundation for a revolutionary, customer-centric offering for banks, alternative lenders and community development financial institutions (CDFIs) seeking efficient and affordable underwriting solutions. Financial institutions that have not been able to accommodate the demand for SBA and small business loans are now able to do so with a fully digital, efficient solution.After conducting extensive research on the lending technology market, Lendio found Laso’s capabilities in artificial intelligence, data science and machine learning to be the most tech- and data-advanced solution available. The new technology will allow Lendio to further expand its small business loan marketplace to thousands of lenders and their customers nationwide. This is the first step in Lendio’s B2B growth strategy – automating loan origination practices to support efficient underwriting of unsecured loans, creating access to an innovative small business lending tech stack, and enhancing lender access to loan origination tools and services. To date, Lendio has facilitated over $11.8 billion in financing through 300,000+ small business loans and has become a trusted advocate for small business owners seeking to understand their financing options.
“Last year, when lenders struggled to offer a digital solution to disperse Covid relief funds, the team at Lendio quickly stepped in and facilitated PPP loans to more than 300 lending institutions that supported over 60,000 small businesses,” said Lendio CEO Brock Blake. “The process exposed a greater need for small businesses to have enhanced access to capital and loan options, as well as a need for banks, lenders and CDFIs to have the proper tools needed to offer finance solutions to small businesses. Our acquisition of Laso’s Loan Origination Software is timely and essential to empowering both sides of the financing process. We’ve always been there for the smallest of businesses; now we’re also there for even the smallest of lenders as we further our vision of providing equal and fair access to capital to small businesses across the country.”
In order to provide the most customer-centric application experience, Lendio relies on advanced machine learning algorithms and data and proprietary SaaS technology to support matching SMBs to the appropriate lenders. The company is committed to continuing to partner with, power and propel forward all institutions that are leveraging technology to fuel SMB growth and entrepreneurship.