Nashville, TN/Auckland, NZ. (Aug 26, 2024) –Ranqxa fully digital small business lending platform announced today that Washington State Employees Credit Union (WSECU) headquartered in Olympia, Wash. has made an initial investment into Ranqx through their holding company, One Washington Financial. Their commitment includes an agreement to implement the Ranqx platform for a community-impacting pilot. This investment will help further the research and development work Ranqx is doing to help credit unions drive community prosperity by ensuring that small and medium sized business have access to the working capital they need to succeed.
“The best way to help communities thrive is to help small and medium sized businesses thrive,“ said Seth Brickman, President of Ranqx.
Brickman went on to share that research performed by the Consumer Financial Protection Bureau notes that, 'Small businesses are the engines of growth in our communities, driving wealth creation and upward financial mobility. When small businesses succeed, our economy is stronger, more equitable and more resilient."
Brickman said, “Providing working capital to SMB’s in a digital experience with decisioning in 5 minutes instead of the typical 2 week manual process will change the way SMB’s interact with credit unions.”
Credit unions are currently only receiving about eight percent of SMB lending and the majority of it is from commercial real estate loans. The ability to provide working capital loans, business credit cards and lines of credit will not only help small and medium-sized businesses thrive but will also drive depository relationships back to the credit union.”
“We are excited to partner with Ranqx to help the small and medium sized businesses that make up our communities, said Scott Daukas, Principal of One Washington Financial, WSECU’s holding company. “We want to provide capital to these organizations with an easy, streamlined experience, so that members can stay focused on growing their businesses. Ranqx will help us deliver on that vision while also providing the responsible lending practices that are expected of a world-class lender.”
Ranqx offers business lenders the world’s best fully digital, compliant loan origination, decisioning (using banking data, accounting data, and over 1200 API driven data points) and monitoring platform. Ranqx focuses on delivering the best customer application experience possible. Ranqx supports lenders to digitally transition your organization with all the speed, revenue growth and cost saving benefits that it delivers as you positively impact community prosperity.
Source: https://ranqx.com/
