In today’s FinTech news, J.P. Morgan tells PYMNTS that there are many benefits buyers and sellers can realize when they collaborate, while Canadian FinTech lender Loanz plans to expand into the U.S.
Meanwhile, automotive platform AutoFi is boosting its growth with the backing of $85 million in investments, and India’s CredAvenue notched $137 million to expand its business connecting enterprise businesses with lenders and investors.
Collaborative Commerce Helps Buyers, Suppliers Monetize Speed
Changes in payments trends for small- to medium-sized businesses over the past few years are seeing a rise in collaboration between buyers and suppliers, as Stephen Markwell, head of payments product strategy and FinTech partnerships, commercial banking, at J.P. Morgan told PYMNTS CEO Karen Webster.
When using payments as a collaborative source for strategic and competitive advantages, it is important for the chief financial officer to team up with the organization’s tech experts and cyber-risk professionals, Markwell said.
Loanz Rolling Out in US as it Plans Canadian Credit Box Growth
Canadian FinTech lender Loanz is expanding into the U.S. and growing its Credit Box in Canada. The digital personal loan provider offers loans for any reason and its Credit Box extends loans to low credit customers.
Applicants can get funded in less than a day for terms running one to five years, and Loanz.com gets more than 40,000 applications each month from Canadians seeking a personal loan.
Automotive eCommerce Firm AutoFi Closes $85M in Financing to Accelerate Growth
eCommerce platform for online car sales and financing AutoFi closed an $85 million fundraising deal to grow its engineering and customer service teams. The company’s cloud-based pricing network is tapped by auto finance firms to extend their decision and pricing capabilities into point-of-search shopping experiences.
The tool pre-qualifies car buyers for financing and enables monthly payment comparisons across a range of car options.
Indian FinTech CredAvenue Reaches Unicorn Status With $1.3B Valuation
Indian firm CredAvenue raised $137 million in a funding round to help grow its FinTech company connecting enterprise businesses with lenders and investors.
The startup helps businesses and enterprises secure debt from lenders and provides digital tech solutions for the debt cycle, including disbursal, collections and more. Now, with a $1.3 billion valuation, CredAvenue — which launched just 18 months ago — is India’s fastest FinTech unicorn.
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