Ranqx, the digital lending platform built for lenders to small-to-medium sized businesses (SMBs), has expanded its working relationship with Visa (NYSE: V) into North America.
Before collaborating with Visa in North America, Ranqx worked cooperatively with Visa in its Asia Pacific region.
Under the latest arrangement, Visa will be introducing financial institutions to Ranqx’s digital capabilities, helping direct lenders offer seamless access to capital for SMBs and solve complex processing issues typically found in small business credit underwriting.
As noted in the update, Ranqx assists small business lenders with enhancing the entire loan cycle, from start to finish.
With the firm’s innovative tech solution, loan applications aren’t simply made more straightforward but are a lot easier to complete.
The system assists with eliminating friction and inefficiencies in small business lending by embracing real-time, more accurate data sources and tech that enables lenders to understand SMB clients better and manage risk more efficiently.
As one of the leading digital payment tech providers, Visa claims that it understands the obstacles lenders tend to face and the key role that small business plays within international economies.
Both firms share a common objective to enhance the flow of capital to small businesses during this critical time.
Dave Lewis, Founder and CEO at Ranqx, said:
“We all know that we are facing a tough time with the global economic climate and the rising cost of living. And this is precisely why we are entering the US market. By joining forces with Visa across North America, we can go one step further to ensure the objective is achieved. The relationship has been built on a common goal to improve outcomes within the SMB lending space.”
The collaboration was introduced with a webinar for certain banking institutions and credit unions that understand the financial position of small businesses and are working cooperatively to address various issues concerning their lending requirements.
Since the webinar, Ranqx has reportedly received even more requests for demonstrations and meetings regarding the proposition.
Lewis further noted:
“It’s hard to avoid some of the noise regarding the economy right now. Unfortunately, SMBs often feel the ramifications of economic downturn harder than their larger business counterparts. Therefore, this collaboration could not have come soon enough. Our solution can enable financial lenders to provide easier access to much needed capital.”