Fintech Partnership Speeding Up Business Loan Approval
Online business lender Merchant Advance Capital is partnering with fintech startup Flinks to help small and medium-sized businesses receive loans faster.
The leading national lender announced today that it has teamed up with the Montreal-based financial data aggregator. Now small and medium-sized companies can have business loans approved and banked in one day—making it the fastest option for Canadians securing loans.
Merchant Advance Capital will connect Flinks app directly with customers’ banks to allow the capital lender to validate account ownership, account balances and transaction histories. This means loan applicants will now be able to instantly provide their banking information to Merchant, speeding up the often tedious approval process.
“We’re responding to a demand for quicker access to capital among Canada’s SMB owners,” said Dave Gens, CEO and founder of Merchant Advance Capital in a statement. “When selecting a partner, we felt Flinks shared our goal to improve financing options for underbanked SMBs across Canada, thereby helping this part of the economy grow.”
The collaboration shortens the timeframe for customers receiving loans, giving them more control over requesting capital.
Flinks CEO Yves-Gabriel Leboeuf said his company—Canada’s leader in financial data access—is happy to give Merchant Advance Capital its banking data.
“The fit between the two companies couldn’t be better, as we share a common mission: increasing accessibility for superior financial products,” said Leboeuf.
In July, Flinks raised $500,000 in a pre-seed round.