FinovateFall 2022 / QuickFi by Innovation Finance
Presenter Profile:
How they describe themselves: QuickFi allows business borrowers to initiate and complete equipment financing that previously took days or weeks, in minutes . . . from anywhere, and at any time. QuickFi uses facial-recognition, blockchain, AI and the latest mobile and cloud technologies to revolutionize the business equipment financing process. Using a mobile device, SMB borrowers can self-serve to obtain equipment financing in minutes. Global equipment manufacturers and banks can easily adopt the end-to-end, 100% digital, QuickFi platform to cut costs and dramatically improve UX.
How they describe their product/innovation: The QuickFi demo showcases how global original equipment manufacturers using QuickFi can onboard new business customers, authenticate and credit score the borrower, and complete a term financing transaction . . . all in about five minutes. QuickFi provides its OEM partners with a white-labeled, self-service mobile equipment financing platform, for less than one-third the cost of legacy systems, to facilitate faster equipment sales at a higher margin.
Product distribution strategy: B2B, Through financial institutions
Contacts:
Bus. Dev.: Bill Verhelle (Founder & CEO), bill@quickfi.com
Press: Joseph Vu (SVP Marketing), joe@quickfi.com
Website: quickfi.com
LinkedIn: linkedin.com/company/innovation-finance
Twitter: @innovation_fin
HQ: Fairport, NY, USA
Founded: January 2018
Product Demoed: QuickFi®
Metrics: QuickFi increases equipment sales for global manufacturers. QuickFi provides nearly instant, self-service, 24/7 term financing to business equipment buyers. By offering a nearly instant, low-cost, self-service financing option, manufacturers make it easy for creditworthy companies to acquire new business equipment.
Borrowers prefer the speed, availability, and transparency of QuickFi, as evidenced by reviews on TrustPilot. In 2021, QuickFi began providing new business equipment financing for several global manufacturers selling equipment to small and medium business (SMB) borrowers throughout the U.S. QuickFi provides 50-state, secured equipment financing for Johnson Controls (USA), Atlas Copco (Europe), SANY (Asia), Juniper Networks (USA), Essentium (USA), Busch Vacuum (Europe) and others. QuickFi loan volume grew by over 800% last year.
In 2022, QuickFi announced an exclusive financing partnership with the third-largest construction equipment company in the world: XCMG (China). This program complements QuickFi’s recent partnerships with several other global companies including dental 3D printing manufacturer Ackuretta (Taiwan) and commercial air purifier manufacturer Molekule (USA) among others.
QuickFi was founded by the founders and leaders of the highly successful, First American Equipment Finance business, which today operates as Royal Bank of Canada’s U.S. equipment finance company.
Presenters: Nathan Gibbons, Chief Experience Officer | Jillian Munson, Technology Project Manager
- Key Executives
Bill Verhelle (CEO), Mark Tomaselli (CTO), Mike Ziegelmann (CFO), Nathan Gibbons (Chief Experience Officer), Courtney Dioguardi (SVP), Joe Vu (SVP Marketing), Mendel Guillaume (SVP, Engineering)
Key Stats
- Key Board Members
Bill Verhelle, Guy Klingler, Mark Tomaselli, Mike Ziegelmann
- Key Investors
Bill Verhelle, Guy Klingler