Lendio Modernises ERP Just in Time

Lendio Reaches Nearly $12B in Small Business Loan Approvals, Powered by NetSuite OneWorld

Lendio is America’s largest small business loan marketplace. Since 2011, the company has helped over 300,000 small businesses receive financing. Traditional banks reject up to 80% of small business loan applications, but Lendio gives small business owners access to a variety of loan options through its lender network, which includes industry leaders PayPal and American Express. To date, Lendio has processed $11.8 billion in loan approvals for small business owners.

Company

Lendio

Location

Lehi, Utah

Industry

Financial Services

EMPLOYEES

250-500

NUMBER OF SUBSIDIARIES

SYSTEM REPLACED

QuickBooks

NETSUITE PRODUCT IMPLEMENTED

NetSuite OneWorld

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“If we had still been on QuickBooks during the PPP loan process, it would have broken the system. NetSuite OneWorld has allowed us to effectively account for the hundreds of thousands of loans we have facilitated for small businesses.” Kevin Jones, VP of Finance, Lendio

The Leader in Small Business Lending

Fueling the American dream: Lendio grew due to its no-fee small business loan application tool, powerful network of 75+ lenders, fast funding process and wide array of financing options like federal government loans, business lines of credit and commercial mortgages. From 2011-19, Lendio processed $2 billion in loans. Since 2020, it has serviced an additional $9.8 billion in loan approvals under the Paycheck Protection Program.

Slowed by QuickBooks: After relying on QuickBooks for years, Lendio faced major accounting constraints as it expanded. Pulling loan reports from the company’s CRM system and importing them to QuickBooks was a slow, manual process that allowed for one user to be logged in at a time. The process blocked usage for the rest of the accounting team, delaying the month-end close.

A timely upgrade: Lendio automated imports of financial data such as journal entries, invoices, payroll and bills using NetSuite OneWorld. The new ERP system came just in time for 2020’s rush of loan applications: It allowed users to work simultaneously, produced customised financial statements that saved time and helped the team streamline processes in order to be more efficient during this critical time.

Funding the future of small business: Lendio has a goal to be the premier ecosystem for small business financing and an all-inclusive platform for business owners everywhere. To hit this mark, the company has increased its headcount and is building out its lender technology and services division. With NetSuite OneWorld, Lendio is prepared to sustain growth and help more small businesses receive loans.