National Bank announced today that it will leverage Thinking Capital’s technology to power its small business lending.
Through the partnership, Thinking Capital’s technology, which uses AI to streamline lending decisions, will form the foundation of National Bank’s online business financing portal.
“Small business clients are important to us at National Bank and we are committed to helping them find new ways to power their ideas,” said Stéphane Achard, executive vice-president of commercial banking and insurance at National Bank. “This partnership with Thinking Capital exemplifies our commitment to innovation and creating new financing options that support entrepreneurs at every stage of their company’s growth.”
Thinking Capital has made a number of similar partnerships in the past, including those with Equifax and Everlink. While Thinking Capital was acquired by Purpose Financial in March 2018, the company indicated that strategic partnerships are still a core part of its business.
“National Bank of Canada broadens our reach and enables us to provide even more small businesses with fast and seamless access to capital to support their growth,” said Jeff Mitelman, CEO and co-founder of Thinking Capital. “We believe FinTech providers and banks can work together to close the gap between the financing small businesses need and what they have access to.”