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Wirecard digitizes the funding process for US-Fintech Lender Credibly via virtual wallets

Nachrichtenagentur: news aktuell
11.09.2019, 09:40  |  327   |   |   
Aschheim (Munich)/Conshohocken (PA) (ots) -

- Since 2010, Credibly has funded over USD 1 billion with more than
23,000 fundings
- Credibly estimates to lend more than USD 300 million to SMEs in
2019
- Wirecard to issue digital payout cards and virtual wallets for
Credibly small business customers
- Credibly also benefits from Wirecard data analytics and reporting
capabilities

Wirecard, the global innovation leader for digital financial
technology, and Credibly, a US-based business funding fintech, have
launched a new collaboration to digitalize Credibly's funding
disbursements. Wirecard is one of the largest issuers of payout cards
in the US and now offers fully digitalized solutions, complete with a
mobile app for users to track their balances and payment activities.
Within the scope of the partnership, Wirecard will enable Credibly to
issue working capital to its customer base on both physical and
digital cards, improving funding speed via virtual wallets and
offering a choice of payment methods to Credibly's growing customer
base.

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In 2019, Credibly anticipates providing approximately USD 300
million to small and medium-sized enterprise (SME) clients. This
volume will be available to be issued on cards by Wirecard, via
Wirecard's digital financial commerce platform. Added features like
mobile wallet provisioning and access to Wirecard's new mobile app
allow Credibly's customers to manage funds seamlessly, as well as
choose where and how to spend their working capital. Credibly also
gains small business spending data that will augment its already
robust risk management and marketing models.

"We place an emphasis on making the funding process as
frictionless as possible, and partnering with Wirecard allows us to
issue smart cards that provide even faster access to funds, while
providing full flexibility in how our clients spend their working
capital," said Jeffrey Bumbales, Director of Marketing & Strategic
Partnerships at Credibly. "The enhanced data and reporting
functionality will also bolster our models and risk analytics, in
turn improving our ability to meet the financing needs of SMEs."

According to a recent study by Guidant Financial, around 33
percent of small business owners in the US said that a lack of
capital was their main challenge. Credibly solves this problem by
offering tailored financing solutions for businesses, including
working capital loans, business expansion loans and merchant cash
advances.

"We are wholeheartedly focused on the customer experience," said
Ryan Rosett, Founder and co-CEO of Credibly. "Providing customers
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