Lendio receives new certification for its small business loan marketplace
Lehi — Lendio, the nation’s leading small business financial solutions provider, announced it has obtained its SOC 2 certification from the American Institute of CPAs (AICPA) for its small business loan marketplace. SOC 2 is a voluntary compliance standard issued by outside auditors to ensure service providers securely manage their data to protect the interests of the organization and the privacy of its customers. As such, Lendio’s decision to pursue this certification by choice signals the company’s ongoing dedication to building trust and confidence within the small business lending community in the United States.
“Lendio has experienced exponential growth in the past couple of years, particularly in the wake of PPP,” says Ethan Hanson, SVP, General Counsel for Lendio. “As we continue to gain market share, it was important for us to obtain SOC 2 certification. We are excited to share this third-party audit and credential with our current and future partners, as it speaks to the high standards we hold for our business practices and the more than 330,000 small business owners we serve.”
A SOC 2 report details a service organization’s controls relevant to five Trust Service Principles: security, availability, processing integrity, confidentiality, and privacy. Confidentiality and security are typically the main focus areas for most companies, but Lendio elected to focus on all five.
Lendio is the nation’s leading small business financial solutions provider. With its diverse network of lenders, Lendio enables small business owners to apply for multiple business financing options with a single application. To date, Lendio has facilitated more than 330,000 small business loans for more than $12 billion in total funding, including $9.8 billion in PPP loan approvals as part of government Covid relief. In addition to creating access to small business capital, Lendio offers time-saving financial SaaS products designed to streamline business operations. Lendio is a values-driven organization striving to provide equal access to capital to underserved communities and America’s smallest businesses. For every new marketplace loan Lendio facilitates, Lendio Gives—an employee contribution and employer-matching fund—provides a microloan to low-income entrepreneurs worldwide. In addition, Lendio ranks on Fortune’s Best Workplaces in Financial Services & Insurance and Inc.’s Best Workplaces three years in a row.