Ranqx Small Business Lending Platform Launches in North America
Platform for origination, decision and monitoring of loans to small and medium-sized enterprises (SMEs) Ranqx launched operations in North America, saying it will provide SMEs with a frictionless application process and lenders with a better understanding of applicants.
The New Zealand-based company’s platform offers banks, credit unions (CUs) and lenders a fully digital application process that SMEs can complete in two minutes, then leverages real-time data to underwrite a loan in less than three minutes, according to a press release emailed to PYMNTS.
“Currently, the underwriting of credit in [the North American market] can take several weeks,” said the founder and CEO of Ranqx. David Lewis said in the press release. “We are able to reduce this time to minutes, while providing real-time, granular insights and more accurate underwriting decisions.”
The PYMNTS data underscores the urgency that U.S. SMBs now face as they continue to grapple with cash flow issues as the pandemic wanes.
Read more: Federal Reserve Bank of Philadelphia Report Finds FinTech Lending Crucial for SMBs
The study “The Main Street Economic Health Survey: Navigating Economic Uncertainty”, a PYMNTS and Melio collaboration based on a survey of more than 500 U.S. SMBs, found that while “cash cushions have improved for some businesses, the share of businesses with no cash on hand rose from 15% to 18%,” in the first quarter, showing the cash pressures that turnaround SMEs are still under.
Ranqx’s digital lending platform is already used by lenders and SMEs in the Asia-Pacific (APAC) region. Its launch in North America is done in collaboration with Visawhich will introduce the company to its network of financial institutions, according to Ranqx’s press release.
“North American businesses need capital to boost productivity and maintain sustainable jobs,” Lewis said in the statement. “Efficient digital solutions, such as ours, offer this in abundance and can play a crucial role in promoting economic recovery in the region.”
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