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CRIF, Swoop partner on personalized loan products for SMEs

FinTech lender CRIF Realtime partners with business finance and savings platform Swoop Funding, to help deliver credit and lending products to the UK’s 5.9 million small and medium-sized enterprises (SMEs) .

CRIF’s Credit Passport offers real-time business credit scores for SMEs without leaving any indication of a user’s credit profile. With Swoop, the two companies can leverage their complementary resources to provide SMEs with credit, loan and savings products that best match their business needs and financial reality.

See also: Small Business Owners and FinTechs Support Federal Truth in Loan Bill

Glen Keller, chief product officer of CRIF Realtime, said in a press release Wednesday (December 29) that the company created Credit Passport to “remove friction” with regard to the loan decision process and provide SMEs with the “Good funding for them”. when they need it.

Keller also said that CRIF works to help SMEs learn more about finance so they can develop “financially healthy and resilient businesses.”

Collaborating with Swoop positions CRIF “at the heart of [SMBs] with information that is useful when they need it most and that will make a real difference in the market, ”Keller added.

Read more: Funding Circle, Atom partner on UK SME lending

By leveraging CRIF’s Credit Passport scoring system, Swoop can call on its experts to determine the most suitable funding matches for a particular business. Other financial services products are also personalized, including savings, credit and more.

“The Swoop State of Business 2021 survey found that 90% of small business owners don’t know their credit rating,” said Andrea Reynolds, Founder and CEO of Swoop. “This partnership with Credit Passport allows us to help our clients with immediate insight into their own credit score and its influence on the funding they can access.

In a collaboration between PYMNTS and Elan (a division of the US Bank), Credit Score Literacy and Building Credit Report, 70% of those surveyed believed their credit scores were higher than they actually were. reality.

Only 8% of those surveyed thought they scored below average, while the reality was 21% had scores below 600, the marker of an below average score.

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