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Why Some VCs Are Betting On Fintech Firms To Help Small Businesses Secure Loans | Forbes
Posted
April 29, 2020
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April 29, 2020
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4:02Now PlayingSmall business lending has long been an antiquated process, one with tedious paperwork, manual inputs and very little transparency—or software. In December 2019, Alexis Ohanian, cofounder of Reddit and managing partner at Initialized Capital, sensed an opportunity to disrupt the archaic small business lending game and invested in Betterfin, a Y Combinator-backed fintech that helps small business owners manage financing and credit. Since then, Betterfin has raised over $4 million in funding, acquired 82,000 users and brokered nearly $50 million in loans.
In light of the Paycheck Protection Program, Betterfin has rolled out a new feature to help small businesses secure the government backed loans. But with the money moving quickly, can more transparency help small business owners secure the capital they need to survive?
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