Launched in the summer of 2015, Lendified offers working capital loans of up to $35,000 for up to a year to small business ventures. With a proprietary data engine and a five-minute application process, Lendified is sure to revolutionize the Canadian small business loan experience.
In terms of small business loans, large banks don't produce a sufficient enough profit based on their processes being manual, whereas tech-powered platforms like Lendified take the onus off of human resources by utilizing a powerful algorithm to get a small business owner's "LendScore."
In this way, Lendified is an example of the flexibility of start-up culture and the kind of edge that it offers a financial venture. Given that larger institutions are often held back by policy, new companies have the chance to offer the same services better, faster and at times cheaper.
Founded by Canadian banking sector veteran Troy Wright, Lendified was realized after his research indicated the under-served nature of the small business loan market in the country. Unlike many fin-tech ventures, the Lendified team is notably made up of seasoned financial sector professionals well-suited to bring the operation up to regulatory requirements.
Several digital lending platforms targeting small business have emerged in other markets, which served as partial inspiration when designing Lendified, including OnDeck and Lending Club.