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.