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SMALL BUSINESS TRENDS

Lendflow Taps Ocrolus to Improve Access to Credit For Small Businesses

Ocrolus | August 16, 2022 | Read time : 01:55 min

Ocrolus, the document and data analysis platform that helps financial services companies make high-quality decisions with trusted data, today announced it is working with Lendflow to quickly and accurately determine the viability of borrowers and provide critical access to capital. Lendflow, a leader in embedded SMB lending, is leveraging Ocrolus' document automation technology to analyze data from documents—such as bank statements, W-2s, and business tax returns—and provide critical insight into a business' revenue, daily balances, and more. Ocrolus provides Lendflow with insights into a borrower's cash flow to determine where a loan application should be routed within its lender network. Lendflow also uses individual cash flow metrics provided by Ocrolus in its credit decisioning engine, which enables lenders to efficiently process SMB credit applications.

"In a challenging economic environment with rising interest rates, small businesses are finding it difficult to access credit from traditional financial institutions that are tightening lending criteria in an effort to mitigate risk, "Lendflow has really stepped in to enable every lender, fintech or SaaS company serving SMBs to provide faster, easier, and cheaper access to credit."

John Forrester, SVP of Product at Ocrolus

"Ocrolus has enabled us to drive efficiencies and automation at scale," said Jon Fry, CEO and Co-founder of Lendflow. "With Ocrolus, our customers can launch new credit products and get to market quickly, as cash flow analysis is at the core of the decisioning process. In turn, they can help their SMB customers with seamless and faster access to financing they didn't have before." Industry leaders, like Lendflow, are increasingly turning to Ocrolus to power better, faster lending decisions through AI-powered automation. Ocrolus has more than 200 customers across small, midmarket, and enterprise segments and added over 40 new customers in the first half of 2022. The company processes more than 200,000 small business loan applications every month.

About Ocrolus
Ocrolus is a document automation platform that powers the digital lending ecosystem, automating credit decisions across small business, mortgage, and consumer lending. Ocrolus enables financial services firms to make high quality decisions with trusted data and detect fraud with unparalleled efficiency. The company has raised over $100 million from blue-chip fintech investors. Visit ocrolus.com to learn more.

About Lendflow
Lendflow is a technology leader that provides embedded credit infrastructure for fintechs, lenders and vertical SaaS platforms to build, embed and launch credit products. Lendflow combines a powerful decisioning engine that includes data aggregation, decisioning, monitoring and scoring with a robust marketplace of specialized lenders and contextually embedded product placements. With Lendflow, fintechs can launch credit products in days, SaaS companies can increase customer engagement and retention with embedded credit, lenders can expand their reach to qualified SMBs and SMBs can quickly access capital to power their growth.

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TECHNOLOGY

Trellus Surpasses 350 Small Business Sign-Ups and 50K Deliveries

PRnewswire | May 09, 2023

Trellus Same-Day Local Delivery & Marketplace is celebrating dual milestones, surpassing 350 small business sign-ups and 50,000 lifetime deliveries. Additionally, the Long Island-based startup recently expanded its service area to Westchester County. Introduced in February 2021, Trellus is a local delivery service dedicated to serving small and independent businesses. The company's goal is to equip these businesses with the necessary technology and resources to compete with e-commerce giants, like Amazon and Walmart, by offering timely and cost-effective delivery to customers. Servicing independent brick-and-mortar retailers, home-based businesses, and professional services, Trellus addresses a significant void in last-mile logistics. Trellus' delivery model has won over small businesses like Side Hustle Artisanal Bread Co. in Plainview, N.Y., the 350th sign-up on the platform. Same-day delivery is guaranteed with strong on-demand response from Trellus' network of 100+ drivers across Long Island and Westchester County. Trellus drivers have a 99.5% success/completed delivery rate. Delivery times, from pick-up to drop-off, average 1.5 hours. Deliveries average 6.4 miles door-to-door, including delivery batches that Trellus routes. End-customers love the convenient experience, giving delivery by Trellus an average of 4.75 (out of 5) stars. "We continuously hear from our local small business partners that Trellus is the delivery solution that works best for their needs. Trellus is competitively priced, timely, and highly accountable," said Adam Haber, Trellus Co-Founder and CEO. "We're showing small businesses that we're a partner that understands their logistical challenges. Trellus is succeeding in helping independent businesses thrive, going the extra mile in customer service whenever possible." About Trellus Inc. Headquartered in Nassau County, N.Y., Trellus Same-Day Local Delivery & Marketplace has created an integrated delivery system that makes it possible for local small and independent businesses to provide fast, reliable delivery. As a team of local business owners, Trellus understands the importance of small businesses to local economies, and supports local by keeping jobs, sales, and services in our communities.

MANAGEMENT

Dora Introduces DoraPay, Micro Payroll for Small Businesses

Globenewswire | April 17, 2023

Dora Financial, a marketing and innovation CUSO (Credit Union Service Organization) powered by the credit union movement, is proud to announce the launch of DoraPay, a new closed-loop payroll payment system designed specifically for small businesses with independent contractors and gig workers. With DoraPay, small business owners can now manage their 1099 payroll efficiently and provide valuable employer sponsored benefits to their workforce. Dora helps employers better serve their workers by simplifying the payroll process and providing access to all the Dora app has to offer. This bilingual mobile banking app features a free checking account, no hidden fees, no minimum balance, access to over 30,000 surcharge-free ATMs, free bill pay, free personalized financial coaching and more. With DoraPay, paper paychecks are a thing of the past. Wages are loaded onto a fee-free Visa® debit card and workers immediately gain access to their pay and all of the Dora Everyday Checking account benefits. “DoraPay is a game-changer for small business owners,” said Kristi Kenworthy, managing director, Dora. “We understand the unique challenges that small business owners face. Prioritizing financial wellness in the workplace will help employers attract and retain top talent. DoraPay provides immense benefits to both the business and the workforce and will help business owners save time and money so they can focus on what they do best – running their businesses.” One of the key features of DoraPay is its flexibility. Business owners can tailor the system to fit their unique needs, making it easy to manage their payroll process in a way that works for them. The system features customizable pay frequency (weekly, daily, piece work, instant payments, etc.) along with traditional reporting capabilities. DoraPay plans to integrate with popular accounting software, such as QuickBooks, allowing users to easily export data for financial reporting purposes. “DoraPay is a simple yet comprehensive solution that allows small business owners to invest in their workers’ financial well-being and manage payroll with ease,” Kenworthy added. “With its easy api integration, businesses can be up and running in no time. We’re excited about DoraPay and looking forward to helping small businesses add financial wellness to their HR benefits package.” About Dora Financial: Dora Financial is the first CUSO (Credit Union Service Organization) bilingual neobank strategy powered by the credit union movement. Dora was founded by USALLIANCE Financial in 2021 to serve the 50 million Americans currently not participating in mainstream banking. Dedicated to financial inclusion, the Dora app features a fully bilingual digital banking experience. Dora is currently sponsored by five entities: Affinity Plus Federal Credit Union (Affinity Plus) headquartered in St. Paul, MN; Digital Federal Credit Union in Marlborough, MA; Inclusiv in New York, NY; Service Federal Credit Union in Portsmouth, NH; and USALLIANCE Financial in Rye, NY.

FINANCE

FinTech Breakthrough Awards Program Names Melio "Best B2B Payments Platform"

PRnewsiwre | March 27, 2023

Melio, a leading B2B payments platform for small businesses, has been selected as the winner of the "Best B2B Payments Platform" award in the 7th annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in the global fintech market. "Melio is honored to be recognized by the FinTech Breakthrough Awards as a leading B2B payments platform," said Melio Chief Business Officer Prashant Gandhi. "Small businesses have three pain points – manual back-office work, cash flow crunch, and limited time to learn any technologies. I am very proud of our team for building a solution that addresses these issues. We are also thankful to the financial institutions, software providers, and merchant acquirers who are embedding Melio within their digital interface, enabling their small business customers to enjoy a fully native B2B payments experience in their platform of choice." Melio provides an integrated payments solution that allows small businesses to quickly and seamlessly pay vendors and get paid – helping with cash flow needs, eliminating late payment costs, and giving businesses back valuable time. Melio's payments infrastructure is designed to be embedded into other platforms, allowing customers to reap the benefits of its cutting-edge technology without leaving their preferred platform. "While small business owners enjoy the perks of being their own boss, setting their own hours and doing what they love, they typically also face limited resources, lack of capital, and competition with more established companies. Add keeping track of bills and payments to the mix and the result is usually a big hassle," said James Johnson, Managing Director, FinTech Breakthrough. "The flexibility and simplicity offered by Melio's breakthrough payments platform is extremely valuable for small businesses, which do not employ large finance teams or CFOs to handle their bill pay. We are thrilled to congratulate the Melio team on being our 2023 'Best B2B Payments Platform' award winner!" The FinTech Breakthrough Awards is the premier awards program founded to recognize the fintech innovators, leaders, and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech, and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from across the globe. In addition to the FinTech Breakthrough Award, Melio has recently been recognized by CB Insights' Fintech 250, the Financial Technology Report' Top 100 Financial Technology Companies, and by Forbes' Fintech 50 as a leading B2B payments company. About Melio: Melio is a leading B2B payments technology company that enables small and medium-sized businesses to quickly and seamlessly transfer and receive payments, helping them improve cash flow and workflow. As one of the fastest-growing B2B payment solutions in the United States, Melio is transforming how money is moved between businesses. It serves financial institutions and software companies that want to provide Accounts Payable and Receivable products for their small business customers. Melio was founded in 2018, with headquarters in New York, an R&D center in Tel Aviv, and western U.S. headquarters in Colorado.