Alchemy will debut software to help lending companies offer “much needed” financing products for millions of smaller businesses, a press release said
The release noted that emerging markets like Latin America have been exploring credit information infrastructure, where lenders and financing companies can underwrite small businesses by accessing credit history and booking transactions.
The release says Alchemy has “spent years” on its automated application process, decision engine and workflows letting lenders negotiate with their borrowers before signing an offer.
The system is touted as being able to manage lines of credit, installment loans and revenue-based repayment structures, and Alchemy says it covers “repayments, payment reminders, and collections modules to help lenders to stay on top of their portfolio and investment.”
The release noted that in order to underwrite correctly, the lending software has to be able to verify automatically the small business’s corporate information, along with the identity of the owner. The release said Alchemy can “automatically verify all small business owners’ personal identity to provide a high level of confidence that these applicants are using their identity.”
In addition, Alchemy can work with cash flow, adding team-ups with partners Codat and Plaid, offering a “deep dive” into that.
See also: B2B Financing Firm Tribal Forms Partnership With Visa
PYMNTS wrote that in similar news, Visa has formed a partnership with B2B financing firm Tribal to help expand services for small- and medium-sized businesses (SMBs) in the Caribbean and Latin America.
The partnership will focus on expanding credit lines, bolstering card distribution and boosting safety and encryption measures.
Tribal is backed by SoftBank’s Latin America Fund, among others. The company offers credit card and payment options like blockchain tech and stablecoins for small companies in the Latin American region.
