New Lending-as-a-Service platform powered by Thinking Capital enables SMEs to apply to National Bank online
for financing and receive a decision in just a few minutes
MONTREAL, Sept. 13, 2018 /CNW Telbec/ - National Bank and
Canadian fintech leader Thinking Capital today announced a strategic partnership that will make it faster and easier for Canadian
SMEs to access the capital they need to fund their day-to-day operations or to support their growth. With Thinking Capital's
Lending-as-a-Service model as the foundation for the partnership, the Bank can now offer small business financing to a larger set
of the addressable SME market in Canada.
Starting today, small businesses across Canada can conveniently apply online for a term loan
at nbc.ca/business-financing and receive
a decision in just a few minutes. National Bank will use Thinking Capital's proprietary fintech platform – which embraces
artificial intelligence and proprietary algorithms to make lending decisions to streamline the process of evaluating SME loan
applications and ultimately qualify applicants more quickly and easily than previously possible.
"Small business clients are important to us at National Bank and we are committed to helping them find new ways to power their
ideas," says Stéphane Achard, Executive Vice-President – Commercial Banking and Insurance. "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."
As a leader in the Canadian fintech industry, Thinking Capital's technology-driven approach to modernizing small business
lending, as well as its strategic partnerships with leading brands, is enriching the landscape for small business financing in
Canada.
"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," says Jeff Mitelman,
CEO and co-founder of Thinking Capital. "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."
This new financing option for SMEs is the latest in a number of solutions introduced by National Bank for businesses,
including the mobile point-of-sale app Easy Pay, Interac e-Transfers, funds transfers between accounts in different currencies as
well as Apple Pay and Android Pay digital wallet service.
About National Bank of Canada
With $258 billion in assets as at July 31, 2018, National Bank of Canada, together with
its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than
23,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment
to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
About Thinking Capital
Thinking Capital, a leader in the Canadian fintech industry, is reinventing the way small businesses access credit.
By combining industry expertise and technology, Thinking Capital is enabling business owners to quickly, conveniently, and
securely obtain capital to grow their business. In March 2018, Purpose Financial L.P. acquired
Thinking Capital to support its vision of building a customer driven financial services firm through innovation in Product,
Technology, Capital, and People. For more information, visit www.thinkingcapital.ca.
SOURCE National Bank of Canada
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