Tel Aviv, Israel – January 29, 2020 – Become, the leading online platform for small and medium businesses (SMBs) to find and optimize their funding solutions, announced today it has facilitated $200 million in financing between online lenders and SMB owners. The milestone underscores the company’s impressive growth and its mission to empower SMBs by expanding their access to funding options.
Become’s industry first ‘Expedia-like’ marketplace puts SMBs in the driver’s seat, generating multiple funding options and giving them the power to choose the right terms for them. Become’s technology also continues to monitor optimal funding options and update users, ensuring that at any given time, business owners know where they stand. Giving users the option to apply entirely online from start to finish, the platform expedites the lending process — enabling some small business owners to secure a $250,000 loan offer in just 24 hours.
In 2018, there was a funding gap of $5 trillion between the financing needs of SMBs and the institution-based financing available to them worldwide. And currently, only 28% of US small business loan applications filed with big banks are approved, leading business owners to flock to alternative lenders, where the chances of getting funded are more than doubled (57%), and applicants are likely to receive better terms and clearer guidance.
“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 Eden Amirav, CEO of Co-Founder of Become. “Through our platform, promising businesses that were once starved for capital due to outmoded lending practices have secured the funding they need and deserve. Reaching this $200 million milestone is just the latest reminder that our customers’ success is our success.”
Over the past 12 months, Become has seen a 38% increase in the number of loans and a 20% increase in customers, culminating in an impressive 100% increase in total loans matched since January 2019. In line with this trajectory, Become expects to increase its amount of US funding and customers by 15% and 10%, respectively, over the next quarter.
Become, formerly known as Lending Express, is the leading online platform for SMBs to find and optimize their funding solutions. The company uses its proprietary technology to nurture each business throughout the funding cycle. Become is rapidly growing with near 200,000 loyal business owners registered through its platform. The company has built an ecosystem of more than 50 leading lenders and partners including Paypal, OnDeck and Kabbage and has facilitated over $200 million in tailored business loans to date.
Become is backed by Benson Oak Ventures, Magenta Venture, Viola Credit, RIO Ventures Holdings, Entrée Capital and iAngels. The company has offices in San Francisco and Tel Aviv. For more information, visit: become.co.