In an era where small businesses grapple with securing the working capital needed for growth, Credibly has emerged as a vital financial lifeline. Established in 2010 by Ryan Rosett and Edan King, Credibly has harnessed the power of data science and technology to offer swift, flexible, and accessible financing solutions tailored to the needs of small and medium-sized businesses. By 2024, Credibly reached a significant milestone, providing $2.5 billion in small business financing, a testament to its innovative approach and unwavering commitment to empowering businesses in a rapidly evolving economic landscape.
The establishment of Credibly was in response to the 2008 economic crisis. In this period, banks tightened their lending criteria, resulting in a lack of essential resources for numerous small business owners attempting to maintain and expand their operations. Recognizing this critical need, Rosett and King conceptualized a company to provide financing and act as a trusted partner, comprehending the challenges and opportunities of small businesses. This customer-centric approach became the cornerstone of Credibly, steering their endeavors in developing a supportive and efficient lending platform.
Rosett and King identified the challenges that small businesses faced in accessing funding. They observed that traditional banks had stringent lending criteria, which made it difficult for companies with less-than-perfect credit scores or shorter operational histories to secure financing. These banks often required extensive documentation, creating barriers to funding for small business owners. In response to these challenges, Rosett and King recognized an opportunity to innovate by leveraging technology and data analytics. Their vision was to develop a streamlined lending process that would be more accessible and responsive to the needs and circumstances of small business owners.
Credibly’s strategic response to these challenges was to develop a platform that utilizes advanced algorithms, data-driven decision-making, and customized underwriting. By doing so, Credibly offers faster approvals and more flexible terms than traditional banks. This innovative approach addressed the immediate needs of small businesses and laid the groundwork for Credibly’s future growth and success in the competitive fintech industry.
Credibly started offering Merchant Cash Advances (MCAs), a financing option similar to factoring. In a merchant cash advance, the financing provider buys a specific amount of a business’s future payment receivables (like credit card sales) at a factor rate. The provider pays a lump sum, upfront purchase price, and then the payment receivables are remitted based on a fixed percentage of the businesses’ daily or weekly sales until the specific amount has been satisfied. This service offered flexible and quick funding for businesses with fluctuating revenues. As the company grew and built partnerships, so did its product offerings, and eventually expanded to include Working Capital Loans. Credibly’s network of other financial services providers also provides access to business lines of credit, equipment financing, and other financing solutions tailored to various business needs.
The company’s success is upon a solid foundation of talented and dedicated employees. With a team of 200 professionals, Credibly fosters a culture of innovation, collaboration, and commitment to customer success. The team’s expertise spans data science, technology, customer service, and financial analysis, ensuring that Credibly can continuously refine its products and services to meet the needs of its clients better. This supportive and dynamic work environment encourages employees to bring forward their best ideas, driving the ongoing growth and evolution of the business.
Credibly’s reputation as a market leader is underscored by its excellent standing among customers. With a Trustpilot rating of 4.8 out of 5, the company has earned positive reviews from thousands of satisfied clients. This high rating reflects Credibly’s commitment to providing transparent, reliable, and efficient financing solutions. Customers frequently praise the company for its fast funding times, flexible financing options, and exceptional customer service. These testimonials underscore Credibly’s dedication to building lasting relationships with its clients and helping them achieve their business goals.
The heart of Credibly’s success is its unwavering commitment to customer-centric solutions. By understanding the challenges and opportunities of small businesses, Credibly has developed financing services that directly address these needs. Whether working capital loans for companies with steady revenue or merchant cash advances for those with fluctuating income, Credibly’s focus on tailored solutions has built strong relationships, fostering trust and loyalty that contribute to its sustained growth and market leadership.
Credibly’s journey to achieving $2.5 billion in small business financing is a testament to its impact on the finance industry. Leveraging advanced data science and technology, Credibly has streamlined the financing process while providing fast, flexible, and customer-centric financing solutions that empower businesses to thrive. With over 46,000 companies served across over 1,000 industries, Credibly’s commitment to innovation, strategic partnerships, and exceptional customer service has earned it a stellar reputation and a Trustpilot rating of 4.8 out of 5. This milestone reflects financial success and shows Credibly’s role in fostering economic resilience and growth for small and medium-sized businesses nationwide. Looking ahead, Credibly remains dedicated to expanding its offerings, enhancing its market position, and supporting entrepreneurs on their path to success.
