Lehi – Lendio, the nation’s leading small business financial solutions provider, announced that it has earned its SOC 2 certification from the American Institute of CPAs (AICPA) for its small business lending market. SOC 2 is a voluntary compliance standard issued by external auditors to ensure that service providers handle their data securely 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 commitment to building trust within the US small business lending community.
“Lendio has grown exponentially over the past two years, particularly in the wake of the PPP,” said Ethan Hanson, SVP, General Counsel of Lendio. “As we continue to gain market share, it was important for us to achieve SOC 2 certification. We are excited to share this third-party audit and credentials with our current and future partners as they demonstrate high standards we maintain 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 related to five trust service principles: security, availability, processing integrity, confidentiality, and confidentiality. Privacy and security are typically the top areas of focus for most businesses, but Lendio chose to focus on all five.
Lendio is the country’s leading provider of small business financial solutions. Through its diverse network of lenders, Lendio allows small business owners to apply for multiple business financing options with a single application. To date, Lendio has facilitated over 330,000 small business loans for total funding of over $12 billion, including $9.8 billion in PPP loan approvals under government Covid relief. In addition to creating access to capital for small businesses, Lendio offers time-saving financial SaaS products designed to streamline business operations. Lendio is a values-driven organization that strives to provide equal access to capital to underserved communities and America’s smallest businesses. For every new loan on the market that Lendio facilitates, Lendio Gives – an employee contribution and employer matching fund – provides microcredit to low-income entrepreneurs around the world. Additionally, Lendio ranks as one of Fortune’s Best Workplaces in Financial Services and Insurance and one of Inc.’s Best Workplaces. three years in a row.