Navigation technologiesthe financing platform allowing small businesses to compare financing, expands its relationship with Enova SMEwhich will make it easier for small businesses to access capital, on a Wednesday (February 9) Press release noted.
The partnership will include Enova International’s small business finance brands, OnDeck and Headway Capital.
The release says Nav will now be able to offer instant lines of credit, with funds available the next business day.
The statement highlighted the difficulty some business owners have in finding adequate financing, which can lead to wasted time and rejections.
Nav, through the partnership, touts its ability to combine customer business data with its network of lenders to provide financing and make things easier, according to the release.
“Our expanding partnership with Enova SMB is continued proof of Nav’s mission to create better and easier financing options,” said Walt Levengood, Nav VP of Sales and Business Development. “Until now, small businesses have fallen victim to the highest-bidding lender on Google or been tricked into blindly accepting the only option presented by a closed-system provider. By capturing the customer data that lenders need in advance, Nav is uniquely positioned to provide access to the first instant financing offers in an open environment. This means small business owners can now assess loan options with greater certainty and confidence.”
In other instant payments news, Africa has entered new waters with an instant payment system, the Pan African Payments Settlement System (PAPSS), which will help facilitate cross-border transactions and streamline things by not requiring other currencies or banks. , as was the case before.
Related: Lenders are using payment automation, data and technology to shorten the approval and payment process
It was developed by the African Export-Import Bank in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat.
Its goal will be to overhaul the payments infrastructure and create a cross-border network to reduce the strain on hard currency and transaction delays.