As Mentio Technologies serves customers in the USA, Canada, Ireland, New Zealand, and Australia, the acquisition means that Lendified can expand to these markets. Mentio is also a recent graduate of Techstars Seattle.
“It has always been our intention to become a scalable, global lending platform,” said Troy Wright, Founder and CEO of Lendified. “I’ve overseen lending operations domestically and abroad, and experienced firsthand the challenges of profitability in this segment. The use of Mentio’s technology for the adjudication of credit means we can better serve the small business marketplace.”
Lendified is one of the latest startups to join the MaRS FinTech cluster. Wright has said that Lendified is also interested in allowing its data and analytics model to be used in other algorithms, so it’s yet to be seen if Mentio’s platform — which allows small businesses to manage accounts receivables, accounts payables, and lead generation — will help on that end.