BOSTON, Feb. 1, 2023 /PRNewswire/ — Lendica, a Boston-based financial software company, announces new integrations for its growing line of embedded finance products.
Background
Lendica is an embedded finance company that is building an automated lending machine. The company embeds instant-decision, B2B payment and lending products to promote faster funding and better rates. Lendica has added Shopify and Salesforce integrations to its growing list of digital headquarters, defined as ERP, POS, Marketplace or other applications where operators spend the majority of their time managing their business.
The Boston-based fintech has spent the last several years building software to automate all functions of the lending ecosystem. Lendica’s iBranch, short for integrated branch, is a full-service lender made accessible directly from a business’s digital headquarters. Lendica’s underwriting software, Lens, allows applicants to seamlessly share data – several times more than traditional lenders can process – and uses advanced modeling to quickly and more accurately predict default. The company is growing more than 10% month over month and adding new integrations in industries like chemicals, food and beverage, and restaurants.
Lendica’s Co-founder/CEO, Jared Shulman, CFA, spent time at a private credit hedge fund researching fintech and marketplace lenders. “Five years ago, we began to observe a sea change in borrower behavior.” shares Shulman, “Businesses had noticeably shifted their borrowing preferences away from banks and towards software businesses like Amazon and Toast. We founded Lendica to optimize the borrowing experience for small and medium-sized businesses from the comfort of their favorite operating software.”
Enter Salesforce and Shopify
Lendica’s integrations are now available from two of the largest business applications – Shopify and Salesforce. Customers can use Lendica’s PayLater and FundNow products to delay payments to their vendors or speed up collection from wholesale accounts with just a few clicks.
These B2B lending transactions can be critical for businesses looking to scale during economic slowdowns. This is especially the case for businesses with complex supply chains like manufacturers, wholesalers, and CPG brands – many of which experience top line growth but still need better access to capital. Ascent Solutions, an ERP built on Salesforce with several hundred startup and SMB customers, is an early embedded-finance adopter.
“We work with customers that have grown from fledgling startups to publicly traded companies,” explains James Gaines, CTO at Ascent Solutions. “In advance of rapid growth phases, good funding sources are not always readily available for many companies. Lendica’s Salesforce integration was easy to install and has a beautiful UI—we’re excited to add it to the Ascent Financial Package (AFP). Soon, business leaders will be able to leverage fairly-priced financing products directly from Ascent Solutions in Salesforce with the click of a button.”
Lendica’s proprietary underwriting engine is behind the seemingly simple, instant-decision loan offers. “Business datasets are chaotic,” states Jerry Shu, Lendica’s Co-founder/CTO. “The power of Lendica’s Lens is its ability to input many different datasources and fit them to a universal schema, or Token. This allows us to underwrite a business based on their real-time revenues and costs instead of bank balances and transactions. Lendica can be plugged into any operating software, whether Salesforce, Shopify or an independent ERP, and leverage the same Token.”
For businesses powered by Shopify, Lendica’s PayLater extension allows B2B wholesalers and distributors to offer seller terms at checkout. The easy to install tool adds flexible financing options right at the purchase point – often increasing order sizes and welcoming back repeat customers.
To learn more about Lendica’s Salesforce and Shopify integrations, please visit golendica.com. To learn more about Ascent Solutions, please visit ascenterp.com.
