About Business Backer
Business Backer is a company based in Cincinnati (United States) founded in 2007 was acquired by Enova in June 2015.. Business Backer has raised $800 thousand across 1 funding round from investors including Enova. The company has 60 employees as of December 31, 2022. Business Backer offers products and services including Small Business Loan, Purchase of Receivables, and Business Line of Credit. Business Backer operates in a competitive market with competitors including OnDeck, Breakout Capital, Bond Street, The Credit Junction and QuarterSpot, among others.
- Headquarter Cincinnati, United States
- Employees 60 as on 31 Dec, 2022
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Sectors
Financial Services
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Phone
*********
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Website
*********
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Social
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- Legal Name Business Backer, Llc
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Products & Services of Business Backer
Business Backer offers a comprehensive portfolio of products and services, including Small Business Loan, Purchase of Receivables, and Business Line of Credit. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Provides fixed funds up to $200,000 for business operations.
Agrees to buy future receivables for immediate cash access.
Offers revolving credit up to $100,000 for ongoing needs.
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Funding Insights of Business Backer
Business Backer has successfully raised a total of $800K through 1 strategic funding round. The most recent funding activity was a Seed round of $800 thousand completed in January 2014. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 1
- Last Round Seed — $800,000
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First Round
First Round
(21 Jan 2014)
- Investors Count Investors Count
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jan, 2014 | Amount | Seed - Business Backer | Valuation |
investors |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Business Backer
Business Backer has secured backing from 1 investor, including institutional investors. Prominent investors backing the company include Enova. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Online platform for consumer and small business loans
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Business Backer
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Business Backer
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Business Backer Comparisons
Competitors of Business Backer
Business Backer operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as OnDeck, Breakout Capital, Bond Street, The Credit Junction and QuarterSpot, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Online platform for business loans
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| domain | founded_year | HQ Location |
Business term loans and invoice financing are offered online.
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| domain | founded_year | HQ Location |
Alternative term loans for small businesses are financed by investors.
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| domain | founded_year | HQ Location |
Provides working capital financing solutions to small and medium enterprises.
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| domain | founded_year | HQ Location |
Unsecured term loans for small businesses.
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| domain | founded_year | HQ Location |
Business term loans are provided via an online platform.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Frequently Asked Questions about Business Backer
When was Business Backer founded?
Business Backer was founded in 2007 and raised its 1st funding round 7 years after it was founded.
Where is Business Backer located?
Business Backer is headquartered in Cincinnati, United States. It is registered at Cincinnati, Ohio, United States.
Is Business Backer a funded company?
Business Backer is a funded company, having raised a total of $800K across 1 funding round to date. The company's 1st funding round was a Seed of $800K, raised on Jan 21, 2014.
How many employees does Business Backer have?
As of Dec 31, 2022, the latest employee count at Business Backer is 60.
What does Business Backer do?
Founded in 2007 and based in Cincinnati, United States, Business Backer operates as a private alternate lending platform. Credit needs of small and medium businesses are addressed through various products, including term loans, factoring, merchant cash advances, and credit lines. The application process is streamlined, with eligibility requiring at least one year in business, annual revenue of 150,000 or more, and a FICO score of 550 or higher.
Who are the top competitors of Business Backer?
Business Backer's top competitors include OnDeck, Breakout Capital and Bond Street.
What products or services does Business Backer offer?
Business Backer offers Small Business Loan, Purchase of Receivables, and Business Line of Credit.
Who are Business Backer's investors?
Business Backer has 1 investor. Key investors include Enova.