NEW YORK, March 8, 2016 /PRNewswire/ -- Online marketplace lender, Herio Capital, announced that it has funded over $20 million to American entrepreneurs and small businesses since launching in February 2015. Today's announcement comes after successful third and fourth quarters that have Herio poised for another year of growth in 2016.
"We have lots to be grateful for and even more to be excited about in 2016," says Sherif Hassan, CEO of Herio Capital. "We'll continue to see growth from our current distribution channels and see additional revenue from our new partnerships. Strategic relationships are proving to be critical for cost effective borrower acquisition and improved customer experience resulting in increased lifetime value. We are well positioned for these relationships due to our product vision, technology initiatives, and deep understanding of the industry."
Technological and systems shortcomings have been cited as one of marketplace lending's most critical challenges. For that reason, Herio has been building its own credit analysis and workflow management tools since inception.
"When we started Herio, we saw a huge opportunity to improve upon the software that currently supports the marketplace lending industry," remarked Patrick Janson, co-founder and CPO. "Our vision for Herio's technology is to reduce loan request processing time while increasing underwriter productivity and accuracy through automation. The result is fairly priced capital for borrowers and consistent risk adjusted returns for our investors on a scalable platform."
Strategic partnerships, innovative technology, and new loan products are key to Herio's business model. The Herio team is looking forward to sharing their vision during appearances at three conferences this spring. Starting at the LendIt conference in San Francisco on April 12th, Sherif will give a presentation on big data's influence on loan modeling and product development; followed by NY Tech Day on April 21st and the Collision conference in New Orleans on April 26th.
"Reaching the $20 million funding milestone is a testament to the execution, creativity, and diligence of everyone at Herio. We are grateful to our team and our loyal industry partners. We are excited about the advancements our industry will make in the next period as we continue to design the future of credit," concluded Hassan.
About Herio Capital:
Herio Capital is a marketplace lender focused on providing loans to small businesses. By using the right mix of automation and human insight, Herio provides business owners with the working capital they need in less than 48 hours.
The founding team at Herio has funded over $1.5 billion in loans to more than 10,000 small businesses in 700 industries. For more information, visit Herio Capital online at www.heriocapital.com.
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SOURCE Herio Capital