Ranqx, the world’s leading fully digital small-to-medium sized business (SMB) loan origination, decisioning and monitoring platform has officially launched operations in North America. The company now aims to tackle the region’s broken SMB lending system, which is estimated to cost the economy nearly $1 trillion each year.

Ranqx is a first-of-its-kind platform, which delivers the intelligence, customer service and speed needed to transform the world of SMB lending. The company offers banks, credit unions and lenders a straightforward two-minute small business API first application process, which can be completed online. The innovative system is then able to digitally underwrite a loan in less than three minutes by leveraging real-time accounting, financial and credit data.

As such, Ranqx’s platform could fix a significant issue currently affecting SMB lending across North America. As recent research from Deloitte shows ‘not one traditional US bank has the online capabilities to provide a straight-through small business loan application for either unsecured or secured loans with an instant decision or offer to the customer. With Ranqx, this challenge is overcome, which makes its launch in the region so timely.

Ranqx provides banks and lenders with access to real-time, orchestrated SMB loan origination, rich data points, as well as automated decisioning. By providing quick and easy lending experiences based on intelligent insights, Ranqx can deliver a frictionless digital application process for SMBs and offers the fastest time to an approved decision. For lenders, the system makes it possible to make high-quality, accurate decisions every time for businesses across a myriad of SMB sectors.

Ranqx’s full launch across North America comes on the back of its landmark collaboration with financial services leader, Visa, who will introduce the company’s digital capabilities to its network of financial institutions. Ranqx has also partnered with fintech start-ups, Uplinq, and Mambu to further enhance its service. This array of partnerships is helping the company to meet its primary objective of providing direct lenders with the tools needed to offer easier access to capital.

Speaking on the launch, Dave Lewis, founder and CEO of Ranqx commented: “North American businesses need capital to help power productivity and maintain sustained employment. Digitally efficient solutions, such as ours, offer this in abundance and can play a crucial role in fostering economic recovery in the region. Ranqx allows SMBs to gain greater access to finance, while also helping lenders to efficiently grow their portfolios within a tight labour market by better understanding the businesses applying for capital.

“It’s not just what we do, or how we do it – it’s the speed that we can offer it. We’re able to deliver fast deployment for lenders, and the fastest access to vital capital for SMBs. We expect this speed to be something of immense value in the North American market. Right now, credit underwriting in the region can take many weeks to complete. We’re able to reduce that timeframe down to a couple of minutes, while also providing real-time, granular insights and more accurate underwriting decisions.”

Ranqx’s ground-breaking digital lending platform has already become a key tool for lenders and SMBs within the APAC region, where it has helped to generate loan-related cost savings of up to 80 per cent. Now, the company is looking to build on this success and scale adoption across North America, while delivering similarly impactful results.