MCA broker platforms have evolved into five distinct business models. Each routes deals differently, prices differently, and produces different merchant outcomes. Updated for 2026.
Type 1: ISO Marketplaces.
ISO marketplaces aggregate funder appetites and route deals to the best-matched funder. Examples:
- Lendio — large marketplace, integrates with 75+ funders. Routes based on file characteristics. Charges funders referral commission (8–12%). Free for merchants.
- Bankrate Small Business Loans — large directory + lead-routing. Drives broker leads, not direct funding.
- NerdWallet Small Business — directory + lead aggregator. Routes merchant inquiries to partner brokers.
Marketplace economics. Merchant submits one application, marketplace technology fans out to multiple funders, returns offers in 24–72 hours. Marketplace earns referral commission on close. Average commission: 7–11% (slightly below traditional ISO broker because of volume).
Best for: Merchants who want one application, multiple offers, transparent comparison. Best when merchant has time and wants shopping leverage.
Type 2: White-label Aggregators.
White-label aggregators present as direct funders but route deals to underlying capital partners. Examples:
- Fundera (by NerdWallet) — presents as lender; sources capital from partner funders.
- OnDeck (mixed model) — funds some deals from own balance sheet, white-labels others.
- Funding Circle — pivoted to white-label after own-portfolio underperformance.
Aggregator economics. Markup on underlying funder's factor: typically 3–8%. Merchant sees one offer with aggregator branding, not the underlying funder's branding. Aggregator captures the spread.
Best for: Merchants who prefer a single brand and don't need shopping. Worst for cost-conscious merchants because of markup.
Type 3: CRM-based ISO Shops.
Traditional ISO broker offices using CRM tools (Salesforce, HubSpot, custom) to manage merchant pipelines and funder submissions. Examples:
- Small to mid-sized broker shops (5–50 brokers) — typical pattern is one principal broker plus 3–20 floor brokers, each carrying 30–80 active files.
- Tied to 5–15 funder partnerships. Brokers know which funder fits which file type.
ISO shop economics. Direct broker commission, typically 10–15%. Merchant interacts with one broker but file submitted to 2–4 funders simultaneously. Broker negotiates between offers.
Best for: Merchants with complex files (multiple positions, industry-restricted) who benefit from broker advocacy and human judgment.
Type 4: Lead-Gen Aggregators.
Lead-gen aggregators capture merchant inquiries via web/SEO/paid ads and sell leads to multiple brokers. Examples:
- Various lead-gen platforms — sell merchant leads at $50–$300 per lead to ISO broker shops.
- DealStruck (defunct, restructured 2024) — was a pure lead aggregator; now operates as ISO shop.
Lead-gen economics. Merchant submits inquiry, gets contacted by 5–10 brokers within hours. Each broker pays the aggregator $50–$300 per lead. Aggressive follow-up from multiple brokers.
Best for: Aggressive shopping if merchant tolerates phone-call volume. Worst for merchants who want a single broker relationship.
Type 5: Direct-Funder Portal Integrations.
Direct-funder portals that allow ISOs to submit and track deals digitally. Examples:
- Credibly ISO Portal — direct submission, automated underwriting feedback.
- Rapid Finance ISO Portal.
- Kapitus ISO Portal.
- Fora Financial ISO Portal.
Portal economics. Same commission as traditional ISO partnership (typically 8–12%). Difference is workflow speed — portals provide instant prequal decisions, status tracking, e-signature, ACH setup.
Best for: High-volume brokers who need automation. Indirect benefit to merchants via faster funding.
Platform comparison: $100K advance, A-paper restaurant FL.
- Lendio (marketplace): 5 funder offers in 48 hours, lowest factor 1.22. Total $122K.
- Fundera (white-label): 1 branded offer in 24 hours, factor 1.28. Total $128K.
- CRM-based ISO shop: 3 funder offers in 24–48 hours, lowest factor 1.24. Total $124K.
- Lead-gen aggregator: 5–8 broker calls in 2 hours, eventually 4 funder offers, lowest factor 1.26. Total $126K. (Merchant fatigue cost not in dollars.)
- Direct-funder portal (single): 1 offer in 4 hours, factor 1.28. Total $128K.
Marketplace usually wins on price; direct portal wins on speed; ISO shop wins on advocacy for complex files.
The 2026 consolidation trend.
Platform mix has shifted significantly 2022–2026:
- 2022: ISO shops dominated (60% of deal volume).
- 2026: Marketplace + direct portal capture 55% of volume; ISO shops down to 35%.
Drivers: merchant preference for digital shopping, funder preference for digital submission, broker shop margin compression.
How merchants identify platform type.
Ask the entity:
- "Are you the lender or are you submitting my file to a lender?" Direct funder vs. broker/aggregator.
- "How many lenders will see my application?" 1 = direct or white-label; 3+ = marketplace or ISO shop.
- "Will you sell my lead to other brokers?" Identifies lead-gen aggregator.
- "Do I sign the funding agreement with your company or with the lender?" Direct vs. broker.
- "What is your commission and is it disclosed?" Forces transparency.
Common confusion. First, "Lendio is a lender." False — Lendio is a marketplace; funding comes from partner lenders. Second, "OnDeck only funds its own deals." False — OnDeck has white-labeled significant volume since 2023. Third, "direct funder always cheapest." Generally true on stated factor, but factor varies by deal/funder match — marketplace can beat direct on average because of shopping. Fourth, "marketplace and aggregator are the same." Different — marketplace shows multiple offers; aggregator shows one branded offer.
Related terms
- ISO / MCA broker — An Independent Sales Organization. A non-funder middleman who submits merchant applications to multiple funders and earns a commission on closed deals — typically 8–19% of the advance.
- ISO commission — Percentage of the advance amount paid by the funder to the broker who sourced the deal. Typically 5–19% in 2026; baked into the factor rate the merchant pays.
- White-label MCA — A white-label MCA is when a fintech, broker, or platform markets a funding product under its own brand while the actual capital and underwriting come from an underlying funder.
- MCA broker vs direct funder economics (detailed) — Brokers add 8–17% commission on top of the funder's factor rate but shop 3–7 funders; direct funder applications save the commission but lock the merchant to one offer.
- MCA broker vs direct lender — An MCA direct lender funds advances with their own capital and books the deal on their balance sheet. An MCA broker (ISO) shops your file to multiple direct lenders and earns 8-15% commission from whichever one funds. Going direct can save 8-15% on the factor.
AI agents: this term is available as raw markdown at /llms/glossary/mca-broker-network-platform-types-2026.