Alchemy platform automates commercial lending
Alchemy will launch software to help lenders offer ‘must-have’ financing products to millions of small businesses, press release says
The release notes that emerging markets like Latin America have explored credit information infrastructure, where lenders and finance companies can secure small businesses by accessing credit history and booking transactions. .
The statement said Alchemy has “spent years” on its automated application process, decision engine and workflows for lenders to negotiate with their borrowers before signing an offer.
The system is touted as being capable of handling lines of credit, installment loans, and income-based repayment structures, and Alchemy claims it covers “refunds, payment reminders, and collection modules to help lenders to stay on top of their portfolio and their investments”.
The statement said that to successfully subscribe, the lending software must be able to automatically verify the small business’s corporate information, as well as the identity of the owner. The release says Alchemy can “automatically verify the personal identity of all small business owners to provide a high level of confidence that these applicants are using their identity.”
Additionally, Alchemy can work with cash flow, adding teams with partners Codat and Plaid, offering a “deep dive” into this area.
See also: B2B finance firm Tribal forms partnership with Visa
PYMNTS wrote that in similar news, Visa has formed a partnership with B2B finance company Tribal to help expand services to small and medium-sized enterprises (SMEs) in the Caribbean and Latin America.
The partnership will focus on expanding lines of credit, strengthening card distribution, and strengthening security and encryption measures.
Tribal is backed by SoftBank’s Latin America Fund, among others. The company offers credit cards and payment options such as blockchain technology and stablecoins for small businesses in the Latin American region.
B2B finance firm Tribal forms partnership with Visa