Thinking Capital, National Bank Expand Funding Options for Canada’s SMEs

A strategic partnership between alternative business lender Thinking Capital and National Bank will help get more financing to more growing small businesses in Canada. National Bank, with $256 billion in assets, will leverage Thinking Capital’s technology to streamline the SME loan application process with the goal of qualifying more applicants faster and with less friction.

Stephane Achard, National Bank EVP for Commercial Banking and Insurance, highlighted the bank’s commitment to helping its SME clients “find new ways to power their ideas.” He said, “This partnership with Thinking Capital exemplifies our commitment to innovation and creating new financing options that support entrepreneurs at every stage of their company’s growth.”

For Thinking Capital, which has helped fund more than 10,000 small businesses in Canada since inception, working with National Bank provides opportunities for further growth for the Montreal-based alt lender. “National Bank of Canada broadens our reach and enables us to provide even more small businesses with fast and seamless access to capital to support their growth,” CEO and co-founder of Thinking Capital Jeff Mitelman said. “We believe fintech providers and banks can work together to close the gap between the financing small businesses need and what they have access to.”

Thinking Capital’s lending-as-a-service platform leverages artificial intelligence and proprietary algorithms to accelerate the financing process for small businesses. The company offers both fixed and flexible term loans of up to $300,000 for Canadian-based businesses that have been in operation for at least six months and have average monthly sales of at least $7,000.

Founded in 2006 and based in Montreal, Quebec, Canada, Thinking Capital was acquired by Purpose Investments in March in a deal valued at $200 million. This summer, the company partnered with Equifax to launch a new solution, BillMarket, that helps Canadian SMEs leverage their good credit to extend payment terms in their supply chain.

Thinking Capital participated in our developers conference, FinDEVr New York 2016. The company’s Chief Strategy Officer, Anthony Lipschitz, and Chief Technical Officer, Pat Forgione, discussed Lending as a Service, and the power of the partnership model between fintechs, banks, and other institutions.

Finovate Alumni News

On Finovate.com

  • KPMG Acquires Minority Stake in Alternative Credit Scoring Specialist, AdviceRobo.
  • Thinking Capital, National Bank Expand Funding Options for Canada’s SMEs.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Thinking Capital and Equifax Launch ‘Cash Flow Revolution’ for Canadian SMEs

Now we know what happens when a global information solutions company with a talent for credit scoring and a small business financing specialist get together to help SMEs in Canada to better understand their credit profile and obtain the financing they need.

Equifax Canada and Thinking Capital have launched a new solution, BillMarket, designed specifically to enable Canadian small businesses to leverage their credit profile to extend payment terms in their supply chain.

“BillMarket creates a new language of credit for small business in Canada,” Thinking Capital CEO and co-founder Jeff Mitelman said. “For the first time, there is a practical way to talk about and put a dollar value on small business credit in Canada.”

The new solution works by using Equifax’s Small Business Grade to establish a credit limit businesses can use to extend payments. Businesses can learn how much credit they are eligible to access by registering with BillMarket and reviewing their certification report. Financing via BillMarket gives small businesses more time to pay suppliers, increased purchasing power, and the ability to deepen relationships with business partners thanks to greater potential spending and consistently prompt payment.

Suppliers benefit from on-time payment, as well, and have the ability to pick up new business from companies unable to pay cash upfront for purchases. Small Business Grade also helps suppliers determine a company’s credit and purchasing power, helping them spot and manage potential late payment risks in advance.

“BillMarket expands the purchasing power for Canadian SMBs and eliminates friction in the supply chain,” Mitelman said. “Through BillMarket, small businesses can translate their credit grade to real-time available credit that they can use to extend payments with suppliers by up to 120 days.” The service, he added, represented a “cash flow revolution for the Canadian small business market.”

Thinking Capital participated in our developers conference, FinDEVr New York 2016. The company’s Chief Strategy Officer, Anthony Lipschitz, and Chief Technology Officer, Pat Forgione, presented Lending as a Service, a look at how the company leveraged big data to streamline the complex lending process for small businesses in Canada.

Headquartered in Montreal, Quebec, Canada, Thinking Capital was founded in 2006. Since inception, the company has facilitated business financing for more than 14,000 Canadian SMEs. Financing from $5,000 to $300,000 is available to small businesses through Thinking Capital’s fixed and flexible payment solutions. SMEs must be based in Canada, in operation for at least six months, and have average monthly sales of at least $7,000. Thinking Capital was acquired by Purpose Investments in May in a deal reportedly valued at more than $200 million.

Atlanta, Georgia-based Equifax demonstrated its mobile app at FinovateFall 2011. Earlier this month, the company – with operations in 24 countries in North America, Central and South America, Europe, and the Asia Pacific – announced a partnership with account information service provider Consents.online. In June, Equifax hired former IBM Watson and Cloud Platform CTO Bryson Koehler as its new Chief Technology Officer.

Equifax is publicly owned and trades on the New York Stock Exchange under the symbol “EFX.” The company has a market capitalization of $15 billion.

Finovate Alumni News

On Finovate.com

  • NF Innova | NFG and Mambu Team Up to Deliver New Digital Banking Solution.
  • Thinking Capital and Equifax Launch ‘Cash Flow Revolution’ for Canadian SMEs.
  • PayPal’s Pledge: CEO Commits to $3 Billion a Year in M&A Spending.

Around the web

  • AI Foundry forges integration partnership with MTS Software Solutions.
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  • Thomson Reuters expands strategic partnership with SAP to simplify costs of cross-border transactions.
  • GreatHorn welcomes Vijay Malik as its new Vice President of Engineering.
  • Nanopay plans for B2B cross border and domestic transfer service.
  • Multiple Best of Show winner Trusona launches partner program.
  • Kinetica taps Gary West as Vice President of Sales, EMEA.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

Our first developers conference in the U.K. is just over a month away. If APIs and SDKs are just a few of your favorite fintech acronyms, then join us for two days of developer-focused presentations, demonstrations, and conversations at FinDEVr 2017 London, June 12 and 13. Stop by our registration page today and save your spot.

FinDEVr 2017 London is a part of London Tech Week, which runs from June 12 to June 16.

On FinDEVr.com

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Upcoming FinDEVr 2017 London alum news

  • Check Out Our Exclusive Interview with ISARA CEO, Scott Totzke.
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Alumni updates

  • Kontomatik earns top 50 spot in the 2017 Dutch FinTech Awards. Join Kontomatik in London for FinDEVr in June.
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  • Thoma Bravo to Acquire Lexmark’s Kofax.
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  • Token Picks Up $18.5 Million to Help Banks Rise to Challenge of PSD2.
  • PayNearMe adds 8,000 CVS Pharmacy Stores to its network cash acceptance locations.
  • CardFlight unveils new line of mobile card readers to support secure EMV and NFC contactless payments.
  • Gartner recognizes OutSystems as a leader in enterprise high productivity application platform as a service technology.
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Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

 

Finovate Alumni News

On Finovate.com

  • Thoma Bravo to Acquire Lexmark’s Kofax

Around the web

  • Top Image Systems selected by CIOReview as one of the 20 Most Promising SAP Solution Providers of 2017.
  • KTLA features password management platform Dashlane.
  • MapD partners with Continuum Analytics & H2O.ai, to form the GPU Open Analytics Initiative.
  • Thinking Capital to offer SMB financing options to TouchBistro POS clients.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Welcome to Day 2 of FinDEVr Silicon Valley
  • FinDEVr Silicon Valley: Celebrating the Best of the Builders

Around the web

  • FinDEVr alum Thinking Capital launches Lucy, an AI-powered chatbot for small business borrowers.
  • Narrative Science forges strategic partnership with Deloitte to promote broader adoption of advanced NLG technology.
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  • CME Group to deploy TickVault from TickSmith to improve access to historical data.
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  • FinDEVr newcomer Smartwave announces its first banking client, Societe Generale Serbia.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

FinDEVrSV16-LogoV2(wdate)Our FinDEVr New York developer showcase last week was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.

On FinDEVr.com

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The latest from FinDEVr New York 2015 presenters

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  • API report covers Streamdata.io.
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Alumni updates

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Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

FinDEVr APIntelligence

FinDEVrNY16-V2(wdate)We’re taking our FinDEVr developer showcase to New York on March 29 & 30, 2016. Register today and save $200 through Friday.

The latest from FinDEVr San Francisco 2015 presenters:

  • Thinking Capital to power new “Staples Business Loans” program for small businesses in Canada.
  • Markit lands three new customers for its KY3P (Know Your Third Party) platform.
  • LandedCost from Avalara helps SMEs navigate international taxes, tariffs, and fees.
  • American Banker: OnDeck Capital adds former E-Trade exec to board.
  • Mitek partners with Harland Clarke to improve RDC security.

Alumni Updates:

  • Online trading platform Investfly integrates with the Tradier brokerage API.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com:

  • A Cartographer’s Guide to FinovateEurope.

Around the web:

  • Thinking Capital to power new Staples Business Loans program for small businesses in Canada.
  • Markit lands three new customers for its KY3P (Know Your Third Party) platform, including fellow alum, Luxoft.
  • VentureBeat looks at Expensify and its plans for European expansion.
  • Currency One launches Valuto in Europe. See the live demo at FinovateEurope next week in London.
  • American Banker: OnDeck Capital adds former E-Trade exec to board.
  • Insuritas to power insurance solution for Bank of England and Bank of England Mortgage.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.