Small business lending marketplace Become announced Tuesday that it raised $10 million in Series A capital to grow its platform. Benson Oak Ventures and Magenta Venture led the round, while RIO Ventures Holdings, iAngels and Entrée Capital participated. Viola Credit provided an extra $2.5 million in debt.

Eden Amirav, Become CEO and co-founder, told Bank Innovation the funding will help Become grow the capabilities of its core product. Pairing lenders with businesses is an exercise in data-driven matchmaking, he noted.

“We make our money from referral fees from the lenders only when a business actually gets funded,” Amirav said. “It means we have to be very good in the matching process and bringing the business to the right lender. If we don’t do a very good match, there won’t be any funding, and we don’t get compensated.”

Businesses that use Become are underwritten based on the business owner’s credit score, monthly cash flow, average bank balance and history of the company.

With the Series A funding, Become wants to further integrate lenders on its platform by adding additional capabilities. Its objective is to become a one-stop shop for business owners, much in the same way Expedia is for travelers. Become will also use the funds to grow its team of engineers and product managers in its Tel Aviv and San Francisco offices.

In addition to matching small businesses with lenders, Become also functions like a Credit Karma-type resource for small businesses. It offers companies actionable advice on how they can improve their funding profiles, pointing out which data points are hurting the company. This technology, which it calls LendingScore, helps keep users even if they aren’t on the Become platform. The advice and monitoring platform helps Become grow its revenue through referral fees generated from product recommendations.

See also: SMB lender Kabbage secures $200m in funding for growth

Well-funded digital small business lenders like Kabbage, BlueVine and OnDeck are available on the Become platform. Become matches small businesses with lines of credit, credit cards and asset-based loans, among other products. According to Amirav, the company wants to eventually pull in specialized small business lenders, such as equipment financing companies. According to the company, the application process takes about 12 minutes, and companies often receive funding in as little as a few hours.

Become, which was formerly called Lending Express, was founded in 2016. According to the company, Become has almost 200,000 small businesses using the platform, and the company has connected businesses with more than $165 million in funding. Become markets its platform through social media and Google searches, but Amirav said the company might use direct mail in the future. Although Become generates revenue from lender referral fees, the platform is free for small businesses. 

Become isn’t the only company offering a product marketplace for small businesses. Fundera, according to the company’s website, has connected small businesses with more than $1 billion in funding. Its list of lending partners includes large financial institutions like JPMorgan Chase, Capital One and American Express. Meanwhile, LendingTree, the publicly traded lending marketplace giant with 2019 projected revenues of over $1 trillion, also caters to small businesses and lenders.

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