Become, an online lending platform for SMBs, formally announced it facilitated $200 million in financing between online lenders and small business owners.
“Through our platform, promising businesses that were once starved for capital due to outmoded lending practices have secured the funding they need and deserve,” said Eden Amirav, CEO and Co-Founder of Become. “Reaching this $200 million milestone is just the latest reminder that our customers’ success is our success.”
The news comes after Become developed an "Expedia-like" marketplace for business financing. The platform cuts down on jargon and expedites lending, allowing small business owners the ability to secure $250,000 loan offers in 24 hours.
According to Become, with a large funding gap still present -- only 28% of U.S. small business loan applications filed with big banks are approved -- the firm aims to increase its U.S. funding activity 15%.
“The lending industry is inherently broken, and we at Become are working to remove the roadblocks that too often hinder small businesses’ access to funding,” said Amirav.