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As shown by research from DeloitteTraditional U.S. banks have online capabilities that provide straight-through small business loan applications that provide instant decisions or offers to customers for either unsecured or secured loans. There is no such bank.
A digital SMB loan origination, decision-making and monitoring platform now aims to tackle the region’s broken lending system. Estimate It costs the economy nearly $1 trillion each year.
Ranqx provides banks, credit unions, and lenders with access to a small business API first-of-its-kind application process that can be completed online. The system then leverages real-time accounting, financial, and credit data to digitally underwrite loans within three minutes.
As such, Ranqx’s platform has the potential to fix a critical issue currently affecting SMB lending across North America.
Ranqx hopes to give SMBs a more actionable digital application process by providing access to real-time coordinated SMB loan originations, data points, and automated decision-making. For lenders, the system will enable more accurate decision-making across the myriad of SMB sectors.
The company’s North American release visawhile introducing digital capabilities to the networks of financial institutions, the company is also partnering with fintech start-ups. uplink When Manbu to further enhance its services.
This series of partnerships has helped the company achieve its primary objective of providing direct lenders with the tools they need to facilitate access to capital.
Speaking at the launch, Dave LewisThe company’s founder and CEO commented: Digitally efficient solutions like ours can provide this in abundance and play a key role in driving the economic recovery of the region.
Ranqx will make more capital available to SMBs. At the same time, lenders will be able to grow their portfolios efficiently in a tight labor market by better understanding the companies applying for capital. can do.
Its not just what we do or how we do it, its the speed we can deliver. We can provide lenders with rapid deployment and SMBs with the fastest access to critical capital. We expect it to be very valuable in the North American market, and currently credit underwriting in the region can take weeks to complete.
We can reduce that timeframe to minutes while providing real-time, detailed insights to make more accurate underwriting decisions.
The digital lending platform is already working with lenders and SMBs in the Asia Pacific (APAC) region, where the company reports that it has helped reduce lending-related costs by “up to 80%.”
The company now aims to build on this success and expand adoption across North America with similar results.
