Lendio's model of connecting borrowers with lenders — rather than lending itself — might be a better business route:
to meet the demands of small businesses, interest in applying via alternative methods should only grow stronger, especially since businesses get access to a range of lenders that they can choose from.Lendio's model of connecting borrowers with lenders rather than lending itself might prove a better business route as the alt lending space crowds.
There are various alt lenders competing in the US, and operating as a bridge between borrowers and lenders might help Lendio to remain relevant. Alt lenders including Kabbage, OnDeck, and Lending Club are all competing to attract the most businesses to their platforms. By not competing with those companies but rather helping them gain further visibility and access to more clients, Lendio has likely set itself up for a sustainable business model.
Lendio has some direct competitors, like Become , but the platform's recent moves to add features for small businesses beyond lending could help it maintain its edge. Lendio recentlyWith the acquisition, Lendio launched its own bookkeeping software under the name Sunrise, which offers users access to accounting, cash flow management, loan and credit information in one platform.
Ultimately, that could help it grow its loan volume and maintain its lead as the largest small business loan marketplace in the US.Sign up for the Fintech Briefing to get it delivered to your inbox 6x a week. >>pass to Business Insider Intelligence and gain immediate access to the Fintech Briefing, plus more than 250 other expertly researched reports.
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