Western Independent Bankers (WIB), a trade association 600 community and regional banks, announced on Thursday it has formed a new partnership with Bizfi, a Fintech company with a platform that combines aggregation, funding and a participation marketplace for small businesses.
According to WIB, the partnership will provide its members access to Bizfi’s platform, which currently offers financial products and real-time pre-approvals with options ranging from short-term to medium-term financing, medical financing, lines of credit, equipment financing and invoice financing.
The partnership will be introduced at WIB’s annual conference on April 2nd-6th on Big Island, Hawaii. Michael Delucchi, president and CEO of WIB and WIB Service Corporation, stated:
“WIB member banks are the leading funders of America’s small businesses. With Bizfi as a WIB Premier Solutions Provider we are able to offer their expertise in alternative financing and superior technology to our member banks and deliver a complete solution for small business funding.”
Stephen Sheinbaum, founder of Bizfi, commented:
“Small businesses have many different funding needs, from lines of credit and equipment finance to long-term loans. As a premier solution provider, Bizfi’s unique multi-partner platform can help WIB members meet those needs faster and more efficiently than ever before while maintaining relationship continuity with its current small business clients. Bizfi is honored to join WIB in serving America’s entrepreneurs.”
Bizfi’s platform includes 15 partners including OnDeck, Funding Circle, Kabbage, IMCA Capital, Bluevine, Dealstruck and Bankers Healthcare Group as well as more than 30 non-integrated partners. WIB member banks are located in the states of Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming and the U.S. Territories.
Last year, WIB formed an exclusive agreement with Prosper Marketplace, a leading peer-to-peer (P2P) or marketplace lender. WIB revealed:
“Membe
r banks have unprecedented access to affordable consumer loans through the Prosper platform. Non-members are not eligible to participate in the revenue share.”
The partnership effectively matches a similar arrangement announced in 2014 by Lending Club with Community Alliance banks.