ForwardAI and Fifo Capital partner to enhance loan underwriting process
By Leandra Monteiro
ForwardAI, a FinTech providing aggregated access to accounting & business data and analysis, announced its partnership with Fifo Capital, a leading provider of business finance solutions in Australia. Through the partnership, Fifo Capital will be enhancing its business loan underwriting process using accounting, financial and cash-flow forecasting data provided by ForwardAI’s technology.
The partnership enables Fifo Capital to integrate a solution that automates cash flow lending by providing access to real-time, short-term, and long-term cash flow forecasting supported by numerous data attributes. Leveraging integrations with leading small business software and accounting platforms, ForwardAI provides real-time access and integration to critical financial data points and analysis, normalizing data from over 17 accounting software companies and providing it in one consistent format. Instead of relying on historical business data, ForwardAI’s technology allows Fifo Capital to processing loans faster and more confidently.
“After an extensive search of the market, Fifo saw ForwardAI as a clear winner to assist us with obtaining and managing our client financial and business data, driving faster and better lending decisions,” said Wayne Morris, CEO of Fifo Capital. “ForwardAI has focused on the future needs of lenders and clients, delivering today very powerful cutting-edge data analytics and tools. What impresses us most is their desire to be the best of breed, and to collaborate and work together to build a better ForwardAI and Fifo Capital offering. It’s a truly rewarding partnership and win-win all round.”
“We’re excited to be partnering with Fifo Capital, a leading provider of business finance solutions in Australia,” said Nick Chandi, CEO and co-founder of ForwardAI. “Manual data collection and an overreliance on historical business data is still widespread among business lenders, resulting not only in inaccuracies but also disadvantaging data-thin businesses. ForwardAI’s technology provides Fifo Capital with streamlined access to accounting, banking and financial data – combined with historical and predictive data points – which increases confidence in the loan underwriting process and expands access to underserved business owners.”
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