Praxent Helps NEWITY Efficiently Provide 120,000+ SMBs with Access to $11.4B in Funding Through an Agile SMB Capital Access Platform
- 29.08.2023 02:30 pm
Praxent, a fintech product agency with more than two decades of experience, has helped NEWITY modernize and enhance its platform, including pre-qualification, loan application, borrower portal, and ERC application powered by the successful execution of over 15 fintech integrations, with new product releases every 12 weeks.
Working with Praxent to design and build an intuitive SBA 7(a) pre-qualification experience has resulted in notable efficiency gains. In the first week of going live with the updated portal, NEWITY achieved an impressive 85% loan application completion rate. Further, the number of ineligible applications that were declined upfront represented up to 27 human hours saved per week or 67% of an underwriter’s time. The reimagined borrower portal’s self-service capabilities simplified loan servicing, leading to a 42% decrease in borrower emails and 32% decrease in overall customer support tickets.
“We had a vision for an automated SMB loan and product marketplace but needed the development expertise to launch it,” said Bryan Hallene, COO for NEWITY. “Praxent has been a true strategic partner, and their team has never failed to impress us with their depth of knowledge in the fintech space. Praxent’s direct focus on business results backed by the value engineering and fintech expertise needed to successfully implement and launch compelling digital experiences for our small business clients has driven ROI and growth.”
Praxent also supported NEWITY in launching its new ERC products, allowing small businesses to receive cash for their tax claims in as little as five days from approval. The product was launched in just 13 weeks from conception and has resulted in over 9,500 applications, yielding an average ERC refund over $70,000. This work contributed to NEWITY receiving the 2023 LendVer Award for the Best ERC Company.
“NEWITY has helped hundreds of thousands of businesses access the funding they need to grow, and it’s rewarding to be part of the platform’s evolution,” said Tim Hamilton, CEO and founder of Praxent. “To enable rapid innovation, we built an orchestration layer, delivering a foundation that allows the company to be incredibly agile and facilitate a SMB borrower experience with unrivaled flexibility. We’re proud to support NEWITY as they continue to solve common challenges for small businesses across the country.”