FINSYNC expects to have over 2,000 banks in its lending network within 24 months.
FINSYNC, Inc., a cash flow management platform for small to midsize businesses, is adding new banks to its lending network at an accelerated rate. FINSYNC makes it easy for the businesses who use the platform for cash flow management or modeling to connect with banks, credit unions and lenders online for quicker access to capital.
“Businesses who apply for financing through FINSYNC can now request their current bank be added to the FINSYNC Lending Network, in the event the bank is not already a listed member. Since introducing this new capability, a new bank has been added every day, and we see this number climbing quite sharply for many reasons,” says Tucker Mathis, CEO of FINSYNC, Inc.
Why Banks are Flocking to FINSYNC’s Lending Network
- According to a recent FDIC report, approximately 80% of banks currently do not offer their business customers the ability to apply for financing online in any form. Tucker adds, “An even greater percentage share with us that they don’t feel equipped to efficiently and effectively underwrite loans below $500,000.”
- FINSYNC solves some very specific problems that are resonating with business owners, including the ability to apply for financing with their bank online, and getting credit for where their business has been and where it’s going. When applying for financing through FINSYNC, the business syncs their bank account, which allows FINSYNC to help business owners understand their loan options based on actual cash flow and assumptions about the future.
- When businesses apply for financing from their bank through FINSYNC, the bank benefits from advanced analytics that include projected cash flow and tools that can help a business illustrate where it believes it is going.
- In addition to advanced analytics, member banks benefit from seeing alternative loan options that are available through a network of lenders. The member bank can present the best loan option to their business customer alone or in partnership with any other member lender that’s part of the network.
FINSYNC is the new way banks and online lenders can work together to help more businesses grow. Initial members of the lending network include industry leaders such as Fundation, Enova, OnDeck, Credibly, BFS Capital, IOU Financial, Wellen, and many others.
Benefiting Both Banks and Their Customers
Getting started is easy. FINSYNC uses established data connections to banks, so no IT investment or further integration is required. Offering FINSYNC creates immediate value by connecting the bank with their current customers in a way that’s value-add for both credit-related products, but also from the higher deposits that tend to accumulate at the bank that establishes the primary credit relationship.
FINSYNC offers its financing solution at no cost to businesses in order to help them improve cash flow. Optionally, a business can continue using FINSYNC for cash flow management with the added benefit of never having to manually apply for a loan again. The business can track access to additional capital that is available from the lending network as the business grows.
Loan applications will always default to the bank with whom the business reports they have the best relationship in an effort to help both parties grow with quicker access to lower-cost capital.
“The relationship aspect of what we do is very important,” said Eddie Davis, VP of FINSYNC, Inc. “Our platform is aimed at helping banks and businesses grow together, not apart.”
About FINSYNC, Inc.
FINSYNC is cash flow management software that helps businesses grow with game-changing features. Businesses can get started with better payments or financing, or enable all features from a single platform to collect income, pay bills, process payroll, automate accounting, forecast cash flow, and access financing through FINSYNC’s Lending Network. Banks, credit unions and online lenders join the network to receive loan applications online and benefit from advanced analytics, automation and in-network participation.
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