September 14, 2018
National Bank partners with Thinking Capital to expand financing options for Canadian small businesses
MONTREAL--National Bank and Canadian fintech leader Thinking Capital today announced a strategic partnership that will make it faster and easier for Canadian SMEs to access the capital they need to fund their day-to-day operations or to support their growth. With Thinking Capital's Lending-as-a-Service model as the foundation for the partnership, the Bank can now offer small business financing to a larger set of the addressable SME market in Canada.
Starting today, small businesses across Canada can conveniently apply online for a term loan at nbc.ca/business-financing and receive a decision in just a few minutes. National Bank will use Thinking Capital's proprietary fintech platform – which embraces artificial intelligence and proprietary algorithms to make lending decisions to streamline the process of evaluating SME loan applications and ultimately qualify applicants more quickly and easily than previously possible.
"Small business clients are important to us at National Bank and we are committed to helping them find new ways to power their ideas," says Stéphane Achard, Executive Vice-President – Commercial Banking and Insurance. "This partnership with Thinking Capital exemplifies our commitment to innovation and creating new financing options that support entrepreneurs at every stage of their company's growth."
As a leader in the Canadian fintech industry, Thinking Capital's technology-driven approach to modernizing small business lending, as well as its strategic partnerships with leading brands, is enriching the landscape for small business financing in Canada.
"National Bank of Canada broadens our reach and enables us to provide even more small businesses with fast and seamless access to capital to support their growth," says Jeff Mitelman, CEO and co-founder of Thinking Capital. "We believe fintech providers and banks can work together to close the gap between the financing small businesses need and what they have access to."
This new financing option for SMEs is the latest in a number of solutions introduced by National Bank for businesses, including the mobile point-of-sale app Easy Pay, Interac e-Transfers, funds transfers between accounts in different currencies as well as Apple Pay and Android Pay digital wallet service.
With $258 billion in assets as at July 31, 2018, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 23,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity.
Thinking Capital, a leader in the Canadian fintech industry, is reinventing the way small businesses access credit. By combining industry expertise and technology, Thinking Capital is enabling business owners to quickly, conveniently, and securely obtain capital to grow their business. In March 2018, Purpose Financial L.P. acquired Thinking Capital to support its vision of building a customer driven financial services firm through innovation in Product, Technology, Capital, and People.