Leading Online Lender Expands its Unprecedented Bank Partnership Program
P2Binvestor (P2Bi), a leading marketplace lending platform that offers crowdsourced, asset-secured lines of credit to growing companies, announced today that it has expanded its bank partnership program and collaborated with Amalgamated Bank, a socially responsible bank based in New York.
The P2Bi bank partnership program gives growing businesses an innovative way to quickly access capital while allowing banks to increase their addressable market and improve their conversion rates. This particular alliance will enable Amalgamated Bank to continue to help fund emerging socially responsible businesses.
The new relationship allows P2Bi and Amalgamated Bank to participate in larger financing deals with lower risk for early-stage Small- to Medium-sized Businesses that typically would not qualify for bank financing. This allows Amalgamated to grow their commercial and industrial loan portfolio, build relationships and fund businesses who do not yet qualify for traditional bank financing, while allowing P2Bi to provide lower rates to clients with the senior funding position coming from the bank. Through this association, P2Bi also obtains access to a larger pipeline of potential clients who already have an existing relationship with Amalgamated Bank.
“Our collaboration with Amalgamated Bank signifies another important step in further validating our Bank Partnership Program,” said Krista Morgan, co-founder and CEO of P2Bi. “Our technology, combined with Amalgamated’s record of success, allows us to provide affordable, scalable financing options to up and coming brands across the country. In addition, we’re proud to work with a socially responsible company that shares similar values not only with us, but with many of our clients.”
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This alliance follows the news of P2Bi’s relationship with New Resource Bank (NRB), which was acquired by Amalgamated Bank in May.
“Amalgamated is dedicated to developing innovative and tailored banking and financing solutions for mission-driven organizations and companies who are working to make a positive impact in our society,” said Keith Mestrich, President and CEO of Amalgamated Bank. “We are especially proud to work with emerging small businesses, which are often the businesses driving change in their industries and communities. Yet they are also often excluded from traditional financing opportunities. By working with P2Bi, Amalgamated is able to help these businesses access capital they might not have otherwise has access to – and in turn grow their business and their impact.”
As one of America’s leading socially responsible banks, Amalgamated Bank is committed to using its resources, money and influence to help move its customers, community and society forward. P2Bi’s work with the bank serves socially responsible and sustainable businesses whose needs often go unmet by traditional financial services companies. In addition, the collaboration expands the reach of P2Bi and its proprietary platform technology.
Just last month, P2Bi announced that it had secured more than $17 million in a combination of debt and equity to fund its growth mostly for its bank partnership program. The capital has helped P2Bi expand the program further, providing SMBs with an innovative way to quickly access capital and allowing banks like NRB and Amalgamated to lend to growing businesses that don’t qualify for a traditional commercial line of credit.
For more information on P2Binvestor, visit https://www.p2bi.com/ and for more on Amalgamated Bank, visit https://www.amalgamatedbank.com/.