Financial services firm Jet Capital is focusing on speed. In an announcement by the company on Friday (June 24), Jet revealed upgrades to its software suite that target the speed at which small businesses can access working capital loans.
The new software accelerates application evaluations, and enables Jet to provide a company with loans within 24 hours, the firm said. The new technology was developed in collaboration with defi SOLUTIONS, and uses algorithm and defi’s evaluation software to provide customized loan application decisions for the majority of applications received.
“We have been able to successfully partner with defi to design and configure defi’s proven consumer-focused origination platform into an effective tool to process business working capital applications,” said Jet Capital CEO Kenneth Wardle in a statement. “Our newest technology is making it easier and faster for businesses to receive a decision and quickly get the capital they need to grow.”
In a separate statement, defi SOLUTIONS COO Georgine Muntz said the collaboration with Jet is helping defi to expand its capabilities.
“The flexibility of the core defi system made expanding into the business segment a very manageable process,” the executive said. “We were able to leverage Jet Capital’s expertise to design the right process for small business applicants.”
Last March, Jet announced that it commenced efforts to expand its small business lending operations into Texas. The firm also revealed a collaboration with Integrity Payments Systems, a merchant card processing firm, in an effort to reach more small businesses and merchants.
The IPS partnership enabled Jet to provide free auditing of small businesses’ merchant card processing.