Alchemy will debut software to help lending companies offer \”much needed\” financing products for millions of small enterprises, a press release said
The release noted that emerging markets like Latin America happen to be exploring credit information infrastructure, where lenders and financing companies can underwrite smaller businesses by accessing credit rating and booking transactions.
The release says Alchemy has \”spent years\” on its automated application process, decision engine and workflows letting lenders negotiate using their borrowers prior to signing a deal.
The system is touted to be in a position to manage credit lines, installment loans and revenue-based repayment structures, and Alchemy says it covers \”repayments, payment reminders, and collections modules to help lenders to stay on top of their portfolio and investment.\”
The release noted that in order to underwrite correctly, the lending software needs to be able to verify automatically the small business's corporate information, along with the identity from the owner. The discharge said Alchemy can \”automatically verify all small company owners' personal identity to provide a higher level of confidence that these applicants are utilizing their identity.\”
In addition, Alchemy can work with income, adding team-ups with partners Codat and Plaid, offering a \”deep dive\” into that.
PYMNTS wrote that in similar news, Visa has formed a partnership with B2B financing firm Tribal to increase services for small- and medium-sized businesses (SMBs) within the Caribbean and Latin America.
The partnership will focus on expanding lines of credit, bolstering card distribution and boosting safety and encryption measures.
Tribal is backed by SoftBank's Latin America Fund, amongst others. The organization offers credit card and payment options like blockchain tech and stablecoins for small companies within the Latin American region.
B2B Financing Firm Tribal Forms Partnership With Visa
