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Is there a usecase here for marketplaces? So you could sell to a marketplace like ThredUp, and then ThredUp would offer lending to its consumer audience? Am I understanding this correctly?
Isn't the field for this a bit crowded at this point with players like Affirm, Afterpay, Klarna, etc?
This sounds more like business short term lending. Ie, I have 100k in orders, but need 20k to buy materials up-front. Or I have 100k in outstanding payments due in 30 days, but I'd rather get 95k right now.
Isn't the field for this a bit crowded at this point with players like Affirm, Afterpay, Klarna, etc?
We're focused on business funding options placed in a broader set of workflows. Think lending services in workflows based around payments, procurement, invoicing, ect.
I like the idea but am irritated that there's upfront Pricing involved. If my software is sending you customers for loans I should be sharing a commission with you and that's that. Why do you need money from me to let me send you prospects?
Isn't the field for this a bit crowded at this point with players like Affirm, Afterpay, Klarna, etc?
Those are companies providing consumer loans placed in a ecommerce checkout workflow. We're focused on business funding options placed in a broader set of workflows. Think lending services in workflows based around payments, procurement, invoicing, ect.
Is there a usecase here for marketplaces? So you could sell to a marketplace like ThredUp, and then ThredUp would offer lending to its consumer audience? Am I understanding this correctly?
Marketplaces are great, but the lending product would be to the businesses on the marketplace. Not the consumer side.
Do you use the transaction history of the sellers to know if they're good to lend to?
Earlier quoted context omitted.
Those are companies providing consumer loans placed in a ecommerce checkout workflow. We're focused on business funding options placed in a broader set of workflows. Think lending services in workflows based around payments, procurement, invoicing, ect.
so is this more of a cashflow tool? you guys are an in-app float?
Earlier quoted context omitted.
Marketplaces are great, but the lending product would be to the businesses on the marketplace. Not the consumer side.
Gotcha, so it'd be a product offering for the supply, not the demand. Do you use the transaction history of the sellers to know if they're good to lend to?
We have an endpoint where we can generate prequal offers for a business based on the transactional data. We can also incorporate into the package we send to lenders to get business improved loan pricing.
I like the idea but am irritated that there's upfront Pricing involved. If my software is sending you customers for loans I should be sharing a commission with you and that's that. Why do you need money from me to let me send you prospects?
With us, these are always your customers, we're just allowing you to launch your own capital program for them. We aren't having you "send us prospects." Instead, we're providing you the infrastructure so you can get them funded them on your platform. We keep them in your product and ecosystem, and your users never need to know who Lendflow is (if you wouldn't like them to).
We provide a lot as part of the program, including the technology, customer support and onboarding, dedicated phone lines and email integration, and the go to market sales and marketing collateral.We also provide the data and analytics for your program, so you can better run your service with us over time.
There are a lot of costs associated with these services, so the subscription keeps our incentives aligned with our platform partners and the small businesses we’re serving together.