Thinking Capital and National Bank to offer funding to Canada’s SMEs
A partnership between alternative business lender Thinking Capital and National Bank of Canada (NBC) will offer financing to small businesses in Canada, reports David Penn at Finovate.
NBC, with $256 billion in assets, will leverage Thinking Capital’s technology to streamline the SME loan application process.
Not just Thinking, they’re also doing
For Thinking Capital, which has helped fund more than 10,000 small businesses in Canada since inception, working with NBC provides opportunities for growth for the Montreal-based alt lender.
Thinking Capital’s Lending-as-a-Service platform leverages artificial intelligence (AI) and proprietary algorithms for the financing process for small businesses.
The company offers both fixed and flexible term loans of up to $300,000 for Canadian-based businesses that have been in operation for at least six months and have average monthly sales of at least $7,000.
Founded in 2006 and based in Montreal, Thinking Capital was acquired by Purpose Investments in March in a deal valued at $200 million.
This summer, the company partnered with Equifax to launch a new solution, BillMarket, that helps Canadian SMEs leverage their good credit to extend payment terms in their supply chain.
