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Ranqx launches in North America to ‘fix’ its SMB Credit and Lending system

By Edlyn Cardoza

August 18, 2022

  • APIs
  • Credit Data
  • Credit Unions

Ranqx, Loan Origination, SMBs, SMB Lending, Credit Unions, Credit Data, APIs, Underwriting, Loan Origination, North AmericaRanqx, a fully digital small-to-medium sized business (SMB) loan origination, decisioning, and monitoring platform, has officially launched operations in North America. The company now aims to tackle the region’s broken SMB lending system, which is estimated to cost the economy nearly $1 trillion yearly.

Ranqx’s platform delivers the intelligence, customer service and speed needed to transform the world of SMB lending. The company offers banks, credit unions and lenders a straightforward two-minute small business API first application process, which can be completed online. The innovative system can digitally underwrite a loan in less than three minutes by leveraging real-time accounting, financial and credit data.

As such, Ranqx’s platform could fix a significant issue currently affecting SMB lending across North America. Recent research from Deloitte shows that ‘not one traditional US bank has the online capabilities to provide a straight-through small business loan application for either unsecured or secured loans with an instant decision or offer to the customer.’ With Ranqx, this challenge is overcome, making its launch in the region timely.

Ranqx provides banks and lenders with access to real-time, orchestrated SMB loan origination, rich data points, and automated decisioning. By providing quick and easy lending experiences based on intelligent insights, Ranqx can deliver a frictionless digital application process for SMBs and offers the fastest time to an approved decision. For lenders, the system makes it possible to produce high-quality, accurate decisions every time for businesses across various SMB sectors.

Ranqx’s full launch across North America comes from its landmark collaboration with financial services leader Visa, who will introduce the company’s digital capabilities to its network of financial institutions. Ranqx has also partnered previously with FinTech start-ups. This array of partnerships is helping the company to meet its primary objective of providing direct lenders with the tools needed to offer easier access to capital.

Dave Lewis, Founder and CEO of Ranqx, commented, “North American businesses need capital to help power productivity and maintain sustained employment. Digitally efficient solutions, such as ours, offer this in abundance and can play a crucial role in fostering economic recovery in the region. Ranqx allows SMBs to gain greater access to finance, while also helping lenders to efficiently grow their portfolios within a tight labour market by better understanding the businesses applying for capital.”

Ranqx’s digital lending platform has already become a vital tool for lenders and SMBs within the APAC region, where it has helped to generate loan-related cost savings of up to 80%. Now, the company is looking to build on this success and scale adoption across North America, while delivering similarly impactful results.

Lewis continued, “It’s not just what we do, or how we do it – it’s the speed that we can offer it. We’re able to deliver fast deployment for lenders, and the fastest access to vital capital for SMBs. We expect this speed to be something of immense value in the North American market. Right now, credit underwriting in the region can take many weeks to complete. We’re able to reduce that timeframe down to a couple of minutes, while also providing real-time, granular insights and more accurate underwriting decisions.”

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