Secure funding for your business used to be a dramatic event. From making sure you dress to impress, to rehearsing what you’ll say at your face-to-face sit down with some financier, it was enough to make anyone stress out.
But thanks to new financial industry technology, there are now other options for getting the business cash you need called “fintech.”
What is Fintech?
As the name alludes, a fintech (short for “financial technology”) company uses technology to provide better financial services for businesses. These services include lending and financing, account management, financial assets and payment processing.
Why Should I Go With Fintechs?
Many small business owners are finding this option for financing a lot easier than traditional methods. Everything can take place over the internet, making for a faster process.
Take a loan, for example. You can make your request and receive the funds in as little as 10 minutes, depending on the amount. At most, your wait time would be around 24 hours.
Fintechs are also able to offer credit to more borrowers. Those who felt they could not previously access loans through tradition lending methods are able to now due to less hurdles.
Particularly, small business owners now have access to loans and lines of credit without needing a deposit.
Takeway: Consider fintech companies as a viable lending source if you’re in need of financing. They’re increasing in popularity due as more small business owners go online to search for financing options.
Fintechs are giving traditional banking a run for its money, letting the world know that they’re not to be ignored.