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Embedded credit platform Lendflow has tapped document and data analysis firm Ocrolus to help determine the viability of borrowers and provide streamlined access to capital for small and medium-sized businesses (SMBs).
Lendflow partners Ocrolus to improve credit access for SMBs
Ocrolus’ document automation technology will help Lendflow analyse data from documents including bank statements, W-2s and business tax returns, which will help provide insights about the revenue and daily balances of a business.
The data will then be used to determine where the loan application can be routed within Lendflow’s lender network.
Lendflow also uses individual cashflow metrics provided by Ocrolus in its credit decisioning engine, which enables lenders to process SMB credit applications.
Founded in 2019 and headquartered in Austin, Texas, Lendflow provides embedded credit infrastructure for fintechs, lenders and software companies to enable them to build and launch credit products.
“In a challenging economic environment with rising interest rates, small businesses are finding it difficult to access credit from traditional financial institutions that are tightening lending criteria in an effort to mitigate risk,” says John Forrester, SVP of product at Ocrolus.
Based in New York and founded in 2014, Ocrolus provides document analysis infrastructure to companies such as PayPal, SoFi, Blend and Plaid. It has raised over $100 million in funding so far.
Jon Fry, CEO and co-founder of Lendflow, says the partnership enables his firm’s customers to “launch new credit products and get to market quickly, as cashflow analysis is at the core of the decisioning process”.
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Image and article originally from www.fintechfutures.com. Read the original article here.