Ondeck Accelerates B2B Push
18 de Octubre, 2018
Tiempo estimado de lectura: 2 minutos
This could enable banks to process loan applications within minutes and provide businesses with their money the same day.
While banks used to be skeptical about online lending products, it is now a question of when they will implement them, as opposed to if, according to OnDeck’s chairman and CEO, Noah Breslow. By the end of 2018, OnDeck will announce two banking partners of its new business-to-business (B2B) platform.
This isn’t OnDeck’s first foray into striking partnerships with banks. The alt lender announced a partnership with JPMorgan Chase in 2015 and extended it in 2017, which saw the two work together to develop a platform for JPMorgan that enables small- and medium-sized businesses (SMBs) to access up to $200,000 in loans, all online. OnDeck also isn’t the only alt lender to push into the B2B space, with US-based Avant rolling out a similar platform, called Amount, last month. This suggests that alt lenders are diversifying their revenue streams by providing banks with technology to overhaul their legacy platforms.
Incumbents have realized they must revamp their offerings to become more digital. And alt lenders have likely recognized that they can easily provide the technologies necessary to facilitate this shift for legacy players, thereby benefiting from their transformation, as well. This allows incumbents to go to market with new products quicker, as they don’t have to develop the technologies from scratch, and is ultimately good for underserved SMBs, as they will get a more options sooner, rather than later. We can also expect to see more startups, in different fintech segments, moving into the B2B space with time.
Fuente: Business Insider
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