Small-business marketplace lender Lending Express changed its name to Become, saying that it wanted a name that reflects “more than just the speed of getting a loan” through its platform.
“Some business owners are looking for the most optimal business loan, while others are struggling to even qualify for funding in the first place,” Become co-founder and CEO Eden Amirav wrote in a blog post.
“Our mission is to help all businesses improve their fundability, secure funding and, ultimately, become the best versions of themselves. To do that, we need a name worthy of the cause.”
Founded in 2016, Become’s primary goal was to help businesses get “express funding solutions”, but it has since developed a platform, called LendingScore, for businesses that have been unable to secure funding to improve their attractiveness to lenders.
“With LendingScore, rather than a simple ‘accepted’ or ‘rejected’ response from a lender, business owners can discover exactly what they need to improve on, in order to qualify for a business loan,” Become said.
“A bit like moving up levels in a game, users can watch their score grow as they follow step-by-step guidance, unlocking new and better funding solutions along the way.”
The LendingScore dashboard outlines the “funding factors” that need improvement, such as credit score, existing loans, monthly deposits, non-sufficient funds and business age.
“We can still help those businesses who immediately qualify to get express funding solutions, but we won’t be leaving those who don’t qualify out in the cold anymore,” Become said.
Become’s marketplace has grown from having one lending partner in Australia to more than 50 in both Australia and the US.
The fintech also claims to have facilitated more than $150 million in loans since inception and now has more than 150,000 members.