Deals
Online Lending Shakeout Claims New Victim as Bizfi Sells Assets
- Credibly to buy servicing rights for $250 million of loans
- Bizfi has originated $2 billion in business loans since 2005
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Bizfi, an online lender to small businesses, sold the servicing rights to its $250 million loan portfolio to rival Credibly.
Credibly, which has originated $500 million in loans since its founding in 2010, will be able to provide additional capital to Bizfi’s 5,200 customers, Credibly said Thursday in a statement. The Troy, Michigan-based firm also hired 15 of Bizfi’s employees in technology, portfolio management and collections roles, Chief Executive Officer Ryan Rosett said.