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Transforming Small Business Lending

The Challenge

Finvoice’s mission is to help asset-based lenders & factors modernize and compete with next-gen online lenders through a powerful software as a service (SaaS) platform that streamlines origination, underwriting and operations. The company utilizes user-permissioned access to borrowers’ financial data in order to achieve these value propositions. More specifically, they needed to address one of the largest risk factors in commercial lending and invoice financing – the risk of fraud. Because common fraudulent practices include diverting payments away from lenders and falsifying financial statements, Finvoice, an Envestnet | Yodlee Incubator portfolio company, required a solution that would help lenders identify fraudulent borrowers and transactions in real time, without increasing the administrative burden for small business borrowers and loan managers.

The Envestnet | Yodlee Solution

Finvoice turned to Envestnet | Yodlee to gain access to the user-permission financial data they needed to automate lending operations, expedite underwriting, and help weed out fraudulent borrowers. Using the Envestnet | Yodlee Financial Platform API for Account Verification, Finvoice was able to help lenders quickly verify borrowers’ financial accounts so more small businesses’ loans could be approved without subjecting lenders to increased risk or administrative burden. To assist lenders with the loan servicing process, Finvoice used the Envestnet | Yodlee Financial Platform API for Aggregation. After loans were funded, the Envestnet | Yodlee Financial Platform API enabled Finvoice’s lending clients to detect fraudulent behavior such as loan stacking or payment diversions.

“Within operations, fraud detection is a critical and complex function. We add huge value to our clients through our integration with Envestnet | Yodlee’s Financial Platform API. It even enabled one of our lenders to catch a $500k fraud in real-time when a borrower diverted invoice payments. We’ve had 100 borrowers integrate with Envestnet | Yodlee over the last three months, and we expect this to increase significantly over time.” - Mateusz Stawarz, Chief Commercial Officer, Finvoice

Proof Points

Finvoice’s lending software has been astoundingly successful with over a hundred million dollars in loans requested by borrowers and over 1,000 businesses applying for loans through white-labeled Finvoice and Envestnet | Yodlee technology. The company is currently empowering lenders in three main ways: by increasing conversions by 35 percent or more, by helping lenders to streamline underwriting – reducing costs by 40 percent, and by enabling lenders to achieve 3x volume without increasing headcount by automating operations. Finvoice has also been successful at catching fraud. Using the Envestnet | Yodlee Financial Platform API for Account Aggregation, Finvoice helped a lender to catch a half-million dollar fraud when a borrower tried to divert invoice payments, and they caught it in real-time as opposed to waiting for monthly statements. Finvoice is looking forward to continuing to empower lenders and small businesses through their lending platform which increases lending opportunities while mitigating risk.

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