National Bank of Canada has announced the formation of a partnership with online lender Thinking Capital, which the bank said would help increase the reach of its small-business loan service for Canadian companies.
The agreement gives permission to National Bank to use the fintech venture’s systems and platforms, thus allowing it to process loan applications and approvals entirely in-house.
“We have been looking at providing digital options to our small-business clients and making the experience easier, faster and more efficient over all,” National Bank senior VP of business solutions Mario Desautels told The Globe and Mail.
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“Rather than reinventing the wheel, we have a clear strategy to provide innovative solutions to the marketplace by partnering with fintech providers and, in doing so, we can make ourselves more available to certain segments of the market,” Desautels added.
Thinking Capital’s proprietary platform allows small business owners to apply for loans online. The fintech firm stated that lending decisions will be made available in as fast as 7 minutes after the submission of an application, with funds to be released in 24 to 72 hours upon approval.