Sramana Mitra: Talk to us about those different categories of financing that apply to our audience. What kind of metrics are people looking for? Brock Blake: I’m going to talk about this generally for a second and then I’ll get down a little bit more specifically to that industry. Generally, lenders are going to underwrite
Brock Blake: You asked about lenders. As I mentioned, we have 75 lenders on our platform. We have some of the big ones like Bank of America and American Express. We also have traditional banks. We have non-banks on our platform like OnDeck Capital, Kabbage, Funding Circle, and a bunch of those players that are
Small business lending is an extremely important finance function that is full of sand in the gear. Lendio is working on smoothening the process and adding velocity into the ecosystem. We discuss the future of this corner of FinTech in this fascinating conversation. Sramana Mitra: Let’s start by introducing our audience to yourself and to
Sramana Mitra: When you look around at the trends in your space, could you identify some open problems? If you were starting a company today, which problems would you go and solve and build a new company around? Rob Reid: First of all, all the easy problems in business have been solved. Reflecting a little
Rob Reid: I’m going to start with a very mundane area, and then we’ll go all the way to the incredible. Today, a lot of our customers still do some things the old way. If you’re an accounts payable accountant, you’ll probably divide up all the people you’re going to pay alphabetically. You’re going to
Sramana Mitra: One of the trends in your industry is, cloud software companies are starting to offer FinTech solutions. I wrote an article about Intuit very recently. It was a few days ago. It’s called “What is Intuit’s most promising long-term opportunity?” This was an analysis of how they’re offering this QuickBooks financing product whereby
Sramana Mitra: Let me take that thought process a bit further. Let’s focus on the software vertical which is the most tuned to our audience. How many companies do you cater to? What are the specific trends in that vertical? For example, people are mostly in the software industry doing SaaS companies. There are all
Rob Reid: At the enterprise level, what you have is Oracle with their enterprise ERP solution, SAP, and Workday. What’s really interesting is that from an overall targeted addressable market, Intuit is going after the largest segment. If you break out Intuit’s overall P&L, they are the market leader from a revenue perspective. A very