Element Finance has partnered with Codat to bolster its digital lending experience.
Element Finance has announced the decision to partner with Codat. This accounting, commerce, and banking API easily and securely allow data exchange to enhance customers' lending process and digital experience.
Through Codat, Element Finance can obtain read-only access to customers' accounting software platform, providing real-time and ongoing visibility into financial statements, key performance indicators, and operational nuances.
Once customers provide consented access to their financial data, systems and services will work together seamlessly, resulting in:
● Greater insight into business finances to aid in the credit decisions
● “One-click”, quick access to financials, drastically reducing the time to credit decision/funding
● Custom metrics to help monitor flags and new opportunities for customers on an ongoing basis.
Element Finance Partner, John Gallagher, said, "In the past, we've taken a very hands-on approach to fully understand the customers' business and gain a holistic view of the financial health to reduce risk while providing flexible funding options best suited for our customers. With the ability to integrate financial data through technology, we are able to more thoroughly and quickly assess a business's financials to generate an ideal credit position and an indicative term sheet up to 14 days faster than previously possible.”
The partnership will benefit new customers, but it also improves the digital experience for existing customers.
"We believe lending should be straightforward and strive to make it simple for SaaS founders to fund their businesses," said Gallagher. "The choice to leverage fintech advancements is another step in our journey of identifying ways to improve the customer experience. This added feature will help alleviate the admin tasks that founders often face when working to gain capital to grow their business. Partnering with a leading technology provider in Codat will allow us to advance this goal."
To learn how we can quickly assess your ideal credit position, Talk to Us.