National Bank and 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.
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.