Lendtable Analysis: $3M Raised
What is Lendtable?
Lendtable gives employees cash advances to cover 401(k) matching and ESPP contributions. Its Y Combinator profile says the company helps workers earn employer benefits without paying those contributions out of pocket. The company is based in San Francisco and was founded in 2020.
Location
1475 Folsom St, San Francisco, California 94103, United States
Employees
11-50
Founded
2020
Revenue
$4.6-6.3M
Product Features & Capabilities
- cash advances for maximizing employer 401(k) match, line of credit for employee stock purchase plans (ESPP), flat fee structure starting at 6% of returns, no monthly payments until leaving employer, designed to combat financial inequality.
Pricing
- 20% of the after-tax 401(k) employer contribution.
- $10 monthly membership fee.
How much Lendtable raised
Seed - $3 million
October 2020Lead Investor: Josh Richards, Bryce Hall, Griffin Johnson
Who are the founders of Lendtable
SC
Sheridan Clayborne
Founder
MJ
Mitchell Jones
Founder
Market Focus
Lendtable primarily focuses on the financial services industry, specifically targeting wealth-building solutions for low-income individuals through cash advances that help them maximize their employer's 401(k) match and other employee benefits.
Business Model
Revenue from 20% of employer 401(k) contributions and $10 monthly membership fee.
Investors
- SoftBank Group
- Valor Equity Partners
- Streamlined Ventures
- Rich Antoniello
- Dick Costolo
- Adam Bain
- 01 Advisors
Competitors Overview
Lendtable operates in a niche market focused on providing cash advances to help low-income individuals maximize their employer's 401(k) match and other employee benefits. Its main competitors include:
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Income For Life: This company focuses on retirement income planning and offers various financial products aimed at helping individuals secure their financial future. Unlike Lendtable, which provides cash advances specifically for 401(k) matching, Income For Life emphasizes comprehensive retirement strategies.
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Certus Financial Services: Certus is a full-service advisory firm that specializes in managing loans and securities. They provide operational turnarounds and financial advisory services, which differ from Lendtable's focus on cash advances for wealth building. Certus's advantage lies in its broad advisory capabilities, catering to a wider range of financial needs.
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Summit Group Retirement Planners: This firm specializes in qualified retirement plans and offers wealth and investment management services. They collaborate with employers to design and manage retirement plans, which is a more traditional approach compared to Lendtable's innovative cash advance model. Summit's advantage is its established reputation in retirement planning, providing a comprehensive suite of services for employers and employees.
Notable differences include Lendtable's unique focus on cash advances specifically for maximizing employer contributions, while its competitors offer broader financial advisory and retirement planning services.
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