BOSTON, April 16,
2024 /PRNewswire/ -- Lendica, an embedded AI
lending, and EBizCharge, a top-rated provider of payment solutions,
proudly announce a transformative collaboration aimed at
introducing a groundbreaking embedded business credit solution for
small and medium-sized enterprises in the U.S.
The new service, called the iBranch, is a cutting-edge financing
solution that enables businesses to borrow money from Lendica
without having to switch to a different platform. The innovative
service represents a fusion of Lendica's cutting-edge AI credit
underwriting and EBizCharge's all-in-one suite of payment
solutions. This synergy facilitates a seamless and efficient
financing process, allowing businesses to access fast and low-cost
funding without the need to transition to a different platform.
As an industry leader, EBizCharge aims to seamlessly connect
payments through its dynamic and comprehensive software. By
integrating payments and financing through this new partnership,
companies are empowered to grow and scale faster. This
all-inclusive approach streamlines operations and enhances overall
efficiency for businesses.
Leveraging the growing trend of embedded lending popularized by
industry giants like Amazon, Shopify, and Square, the iBranch is
set to become a key player in meeting the credit needs of small and
mid-sized businesses. Embedded business loan origination is
projected to experience a staggering 125% year-over-year growth,
reaching an annual origination of $500
billion by 2030.
"We're excited to partner with EBizCharge, an industry leader in
payment solutions software. This is a mutually beneficial
partnership, as we can use our AI credit underwriting to offer fast
and low-cost financing solutions for businesses," Jared Shulman, CEO and co-founder of Lendica,
expresses his enthusiasm about the partnership. "Traditional small
business credit is very expensive, with the average borrower paying
61% APR. Our embedded lending programs can dramatically lower rates
to our customers we're excited to bring them to market with a
leader in the space."
Jerry Shu, the company's
CTO/Co-founder, adds that the power of AI-driven credit
underwriting shines with rich, embedded datasets that banks and
non-bank lenders struggle to process. This is especially useful for
instant decision transactions such as B2B Buy Now Pay Later (BNPL)
and other shorter term cash management tools.
"EBizCharge is the ultimate platform for payment solutions. With
the iBranch, we're adding financial power to our platform, allowing
our customers to access credit without leaving the EBizCharge
platform," said Matt Rogers, VP of
Strategic Alliances at EBizCharge.
Lendica enhances the financing experience for businesses,
offering features such as instant decisions, fair pricing with low
rates and fees, and no credit impact, providing flexibility even in
cases of rejection. This strategic alliance is expected to
significantly impact the payments sector by offering customers
unique access to fast, affordable capital sources that support
growth and can help businesses scale directly from the EBizCharge
platform.
To learn more about Lendica and its transformative potential for
your business, please visit www.golendica.com. Stay connected
and follow us on LinkedIn.
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SOURCE Lendica Corp