Biz2Credit has partnered with Merchant Industry, a merchant service provider that offers payment processing solutions, cash advances and other services to small companies. This partnership will allow companies that use Merchant Industry to get access to Biz2Credit’s small business lending marketplace.
Frank Kotlyarsky, CFO at Merchant Industry, commented:
“We are constantly looking for ways to expand the services that we offer to our clients. Biz2Credit can open the door to clients that can benefit from our offerings and vice versa. We are very excited about this partnership.”
Arjun Kathuria, Director of Business Development at Biz2Credit, added:
“We are excited to offer Merchant Industry’s clients access to financing through our automated online loan application platform. Our aim is to streamline the funding process so that busy entrepreneurs can spend more time doing what they do best, which is running their businesses."
Since its launch in 2007 Biz2Credit has arranged more than $1.2 billion in small business funding throughout the US. The partnership will allow the company to increase origination volumes. The platform has already announced one partnership this year with Fortis Payment Systems. This allows the companies that use Fortis’ services to gain access to Biz2Credit’s small business lending marketplace.
The trend of platforms partnering with other businesses is one that continues to increase. Lending Club has led the way by partnering with Alibaba and Google. Lending Club has also partnered with a consortium of 200 community banks. Propser too have partnered with small banks, the Western Independent Bankers group. It seems that other industries are seeing the benefit of being linked to the alternative finance sector and it is an indication of the strong levels of growth (in terms of both volume and sophistication) that the industry is enjoying.
Join AltFi for its third annual Alternative Income Forum, exploring closed-ended funds (investment trusts) specialising in generating an income using alternative assets such as specialist finance, P2P lending, direct lending, asset leasing and more. Hear from the leading investors and fund managers in this rapidly growing market.