We talk to Guillaume VerhelleCEO and Founder of QuickFi® platform by Innovation Finance USA LLC.
Congratulations on being highly commended for Best Use of IT for Lending! Can you tell us about your performance? What are some of its best features?
Banks and equipment finance companies currently have no way to quickly and efficiently provide capital to finance new commercial equipment into millions of creditworthy small and medium-sized enterprises (SMEs) looking to grow and grow. . QuickFi solves this long-standing problem.
QuickFi offers banks and commercial finance company partners advanced loan origination and management capabilities not available elsewhere. Small business borrowers use QuickFi to get business equipment loans ranging from $5,000 to $5,000,000 each.
Creditworthy businesses use QuickFi to access low fixed rate financing with no fees or hidden costs in minutes, not days or weeks.
QuickFi is also better for banks. The QuickFi platform costs a fifth of the cost of the existing bank loan model. Banks can pass on some of the savings to creditworthy small business borrowers in the form of lower rates.
QuickFi simultaneously reduces costs, simplifies and speeds up the process, and dramatically improves borrower satisfaction.
Can you tell me how the solution is implemented?
After single user authentication and onboarding process, the three-minute QuickFi funding process is initiated and completed by the borrower (without lender involvement unless requested by the borrower) in three steps simple.
Discover the QuickFi platform in a live demo to over 1,200 viewers at Finovate in New York in October 2021.
After creating an account, authenticating the user, establishing a line of credit and closing a term loan (all in less than ten minutes), managing the account, reports, prepayment capabilities, and 24/7 chat and phone support are available to the borrower through QuickFi. You can see more here.
The QuickFi platform is also fully integrated with manufacturers’ global sales and distribution systems to meet the needs of global original equipment manufacturers (OEMs).
Finally, QuickFi is fully integrated with manufacturers’ online sales sites, enabling instant, round-the-clock financing of web-based equipment sales. Click here to learn more.
How did the solution come?
The founders of QuickFi previously owned and ran one of the most successful financial companies in the United States. After a major global bank purchased the company, the founders created QuickFi to create an entirely new equipment financing business model.
In 2018, the founders began imagining how emerging technologies could empower a brand new company. Facial recognition, driver’s license authentication, artificial intelligence (AI), blockchain and other mobile technologies were all emerging and enabling new ways of doing business.
The founders of QuickFi believed that these technologies, with exponentially increasing price-performance, had the potential to enable new business models and would dramatically improve convenience, borrower transparency and customer experience.
The founders started with QuickFi and commercial equipment financing because new commercial equipment is a vital part of the US economy. Inefficient processes used by banks and finance companies dramatically increase the cost of financing for small creditworthy businesses while unnecessarily increasing costs for banks.
QuickFi was envisioned, developed, tested, and refined over 2018 and 2019 to take the friction and borrower costs out of this critical flow of capital to the growing small businesses that fuel the U.S. economy.
In 2020, the QuickFi platform, integrating AI, blockchain, facial recognition and driver’s license authentication technologies, began serving individual borrowers from SMEs.
Partly due to the emergence of COVID-19, rapid digitization has become necessary to conduct business in a contactless environment. QuickFi was the only 100% digital borrower self-service platform.
In 2021, QuickFi entered into commercial equipment financing partnerships with several global equipment manufacturers selling equipment to SMB borrowers across the United States.
QuickFi now provides secure term equipment financing in 50 states for Johnson Controls (US), Atlas Copco (Europe), SANY (Asia), Juniper Networks (US), Essentium (US), Busch Vacuum (Europe) and others.
In 2022, QuickFi will begin serving its banking partners with a white label version of its QuickFi professional equipment financing platform.
We have a measurable review process that is offered to every borrower after every transaction, you can read the Trustpilot review here.
QuickFi currently has no loan losses and no accounts past due for more than 60 days (as of the end of December 2021). QuickFi suffered no loss due to fraud.
Although not currently required by law in the United States, QuickFi discloses all-inclusive interest rates to professional borrowers on the home screen of the mobile app. Low single-digit interest rates remain fixed for the life of each loan.
Account data, transaction history, reports, amortization schedules, live technical and customer support are accessible to the borrower through the QuickFi mobile app, 24/7/365.
Additionally, the QuickFi mobile app can be used as an extension of QualiFi. QualiFi allows dealers and equipment manufacturers to arrange equipment transactions before inviting their customers to log into the QuickFi mobile app to complete the loan transaction.
The QuickFi mobile app is available on the Apple App Store and Google Play Store.
How do you plan to develop the service over the coming year?
In 2022, QuickFi will begin serving banks as well as captive finance companies.
QuickFi will continue to develop additional capabilities and features for borrowers. We are launching a loyalty program for existing borrowers called QuickFi PRIME. We continue to promote a brand synonymous with transparency and trust.
QuickFi has trademarked and filed patent applications in over 20 countries. In addition to entering overseas markets, we believe the platform has the potential to effectively support adjacent financial products, including dealer financing, floors, receivables financing, and trade lines of credit.
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