This startup provides financial services that enable small to medium-sized enterprises to access capital quickly through an online application for funding advances. Businesses can repay the funds on a flexible schedule—daily, weekly, or monthly—facilitating their growth and operational needs without lengthy approval processes.
Funding
$87M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Small to medium-sized enterprises often face challenges in accessing capital quickly due to lengthy approval processes and rigid repayment schedules imposed by traditional financial institutions. This can hinder their ability to address immediate operational needs and capitalize on growth opportunities.
Solution
Backd provides an online platform that enables SMEs to secure funding advances with a streamlined application process and rapid turnaround times. The platform offers flexible repayment options, including daily, weekly, or semi-monthly schedules, tailored to accommodate the specific cash flow patterns of each business. By utilizing a soft credit pull, Backd ensures that the application process does not negatively impact the applicant's credit score. Businesses can access various financial solutions, including B2B Buy Now, Pay Later options, business lines of credit, and working capital advances, to address diverse funding requirements.
Target Audience
The primary target audience includes small to medium-sized enterprises across various industries seeking quick access to capital for operational needs, growth initiatives, and managing cash flow.
Features
- Online application process with pre-approval decisions provided rapidly
- Flexible repayment schedules (daily, weekly, or semi-monthly)
- Soft credit pull during application, preventing negative impact on credit scores
- B2B Buy Now, Pay Later (BNPL) options for managing invoice payments
- Business lines of credit with revolving access to funds between $10K
- $750K
- Working capital advances ranging from $10K
- $2M with terms up to 16 months
- No collateral required for working capital advances