Ranqx, a digital lender based in New Zealand, says it has expanded into North America to “fix” the SME credit and lending market. Ranqx says that following its success in the APAC region, it aims to address the small business lending market by providing banks, credit unions and lenders a two-minute small business API first application process. A loan is said to be underwritten in less than three minutes.
Ranqx’s launch across North America follows its collaboration with Visa, who will introduce the company’s services to its network of financial institutions.
Ranqx has also partnered with Fintechs Uplinq, and Mambu.
Dave Lewis, founder and CEO of Ranqx, explained that North American businesses need digitally efficient solutions, which can play a crucial role in fostering economic recovery in the region.
“Ranqx allows SMBs to gain greater access to finance, while also helping lenders to efficiently grow their portfolios within a tight labour market by better understanding the businesses applying for capital.”
Lewis added that it is the speed at which they can offer credit and lending for SMEs, something they believe will generate huge value in the North American market.
“Right now, credit underwriting in the region can take many weeks to complete. We’re able to reduce that timeframe down to a couple of minutes, while also providing real-time, granular insights and more accurate underwriting decisions.”