Scotiabank has announced a new partnership with Kabbage, a leading financial technology and data company and disruptor in the online lending business.
Kabbage’s technology will power a new and improved Scotiabank online lending portal, Scotiabank Fastline for Business, which will allow small business customers in Canada and Mexico to apply for and access up to $100,000 of working capital in little as seven minutes – a process that previously took up to six months.
Seven facts about the Scotiabank-Kabbage partnership:
- More than 80% of Canadian start-ups used personal financing to finance their new businesses in 2014 because they lacked the credit history or collateral to secure a loan.
- Scotiabank small business customers will be able to apply for a small business loan online and receive a decision and access to funds in minutes, using key business data sources and account information.
- The platform will be available through Scotiabank online banking sites in Canada and Mexico.
- Once approved, customers will have the flexibility to draw the funds as individual term loans, from $1,000 (specific to Canada), up to the approved loan amount. Each loan can have its own repayment terms.
- Scotiabank is the 3rdinternational bank and the 1st in Canada to select the Kabbage platform, in the past six months, reinforcing the importance of fueling small business growth across the world, with an unmatched customer experience.
- In October 2015, Kabbage announced that Scotiabank invested in the company’s growth. This is another example of the Bank’s commitment to providing customers with a digital banking experience, and an example of the work being done at the Scotiabank Digital Factory.
- Existing small business customers, currently not borrowing from Scotiabank, will be able to apply for a Scotiabank Fastline for business, powered by Kabbage loan, beginning July 2016.Scotiabank Mexico customers will be able to apply for a Scotiabank Kabbage loan beginning August 2016.
There’s one other thing to point out. Scotiabank is the first international bank based in Canada to partner with Kabbage. The Bank is piloting the new lending program in Canada and Mexico through a phased-in approach, beginning by offering the service to its more than 100,000 current non borrowing small business customers in the two launch markets.
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This entry was posted on June 22, 2016 at 9:26 am and is filed under Commentary with tags Scotiabank. You can follow any responses to this entry through the RSS 2.0 feed.
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Scotiabank and Kabbage Partner To Provide A New Digital Lending Experience
Scotiabank has announced a new partnership with Kabbage, a leading financial technology and data company and disruptor in the online lending business.
Kabbage’s technology will power a new and improved Scotiabank online lending portal, Scotiabank Fastline for Business, which will allow small business customers in Canada and Mexico to apply for and access up to $100,000 of working capital in little as seven minutes – a process that previously took up to six months.
Seven facts about the Scotiabank-Kabbage partnership:
There’s one other thing to point out. Scotiabank is the first international bank based in Canada to partner with Kabbage. The Bank is piloting the new lending program in Canada and Mexico through a phased-in approach, beginning by offering the service to its more than 100,000 current non borrowing small business customers in the two launch markets.
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This entry was posted on June 22, 2016 at 9:26 am and is filed under Commentary with tags Scotiabank. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.