Ranqx, a digital lending platform built specifically for lenders to small-to-medium sized businesses (SMBs), has expanded its work with Visa into North America.
Prior to collaborating with Visa in North America, Ranqx worked with Visa in its Asia/Pacific region. Under the expanded arrangement, Visa will introduce financial institutions to Ranqx’s digital capabilities, helping direct lenders provide easier access to much-needed capital for SMBs and solve complex processing issues currently found in SMB credit underwriting.
Ranqx helps small business lenders improve the entire loan cycle – from start to finish. With the company’s innovative technology solution, loan applications aren’t only made more straightforward but are much quicker to complete. The system helps remove friction and inefficiency in small business lending by embracing new, real-time, more accurate data sources and technologies that allow lenders to understand SMB customers better and manage risk more effectively.
As one of the world’s leading digital payment technology providers, Visa understands the challenges lenders face and the vital role that small business plays within global economies. Both companies share a common goal to accelerate the flow of capital to SMBs during this important time.
“We all know that we are facing a tough time with the global economic climate and the rising cost of living,” said Dave Lewis, Founder and CEO at Ranqx. “And this is precisely why we are entering the US market. By joining forces with Visa across North America, we can go one step further to ensure the objective is achieved. The relationship has been built on a common goal to improve outcomes within the SMB lending space.”
The collaboration launched with a webinar for select banks and credit unions that understand the financial position of small businesses and are working to address key issues concerning their lending needs. Since the webinar, Ranqx has received more requests for demonstrations and meetings about the proposition.
“It’s hard to avoid some of the noise regarding the economy right now,” Lewis added. “Unfortunately, SMBs often feel the ramifications of economic downturn harder than their larger business counterparts. Therefore, this collaboration could not have come soon enough. Our solution can enable financial lenders to provide easier access to much-needed capital.”