P2Bi is an asset-based small business lender; yesterday they announced a new partnership with New Resource Bank; Krista Morgan, CEO and Co-Founder explains how it works: “Businesses that don’t qualify for traditional bank financing are evaluated by P2Bi for a partnership loan based on joint credit policy criteria. Qualified businesses are extended an asset-backed line of credit with capital provided by the bank in a senior secured position, and the P2Bi marketplace in the second position.” Source
New Resource Bank has been offering asset based loans through a partnership with P2Bi and the agreement could help to establish a template for smaller banks working with fintechs; the partnership is a win-win for P2Bi with more leads and the bank as they get to more efficiently work through customer relationships that might normally take more time and energy than it would be worth. Source.
P2Binvestor has raised $7.7 million in a Series A1 funding led by Rockies Venture Club, an angel investor network in Colorado, and Future Venture Capital Co., a Japanese venture capital firm; according to CEO and Co-Founder Krista Morgan, funds will be used to grow operations, sales and marketing departments; improvements to the platform will also be made; Morgan stated, "We're seeing more interest in our model as venture funding hits a two-year low and more entrepreneurs are looking for ways to grow their business while preserving their equity using good-quality, flexible debt." Source