Company: Innovation Finance USA LLC
Innovation Finance USA LLC created QuickFi, a mobile-first solution designed to accelerate equipment financing while building transparency and trust. Using innovative technology and APIs, the platform converts a typical financing cycle from three weeks to three minutes, according to company representatives. The self-service solution works on Android and iOS devices. QuickFi users can upload invoices to the QuickFi mobile app and e-sign digital applications.
William Verhelle, CEO at Innovation Finance, who formerly served for 20 years as CEO at First American Equipment Finance, started the digital-first company from scratch. Together with company leaders, he built a disruptive new model of equipment leasing and finance to eliminate portfolio conversions, staff training and other labor-intensive tasks.
"QuickFi was really designed with the user experience in mind," said Mark Tomaselli, president at Innovation Finance. "The app provides transparency, convenience and trust while giving clients more control and flexibility of the equipment finance process." Three steps, three minutes Traditional business equipment financing and acquisition is a lengthy process that can take between 14 and 90 days to complete, Tomaselli noted. It typically involves sales, credit approval, pricing, documentation, manual review, approval decision and multiple signatures. Conversely, the QuickFi process takes three minutes and three steps, described by the company as follows:
In addition to being 100 percent self-service and 100 percent mobile, QuickFi provides open lines of credit to be used on demand instead of on a project-by-project basis, Tomaselli stated. QuickFi is part of a new generation of fintechs that are changing the trillion dollar equipment finance industry, he added. Channel partners can leverage its real-time underwriting and account onboarding tools.
QuickFi also noted that it leverages biometric authentication, digital authorization and artificial intelligence to protect customer data. The solution securely stores vendor invoices, financing agreements and payment records, all of which are accessible via the QuickFi mobile app. Amortization schedules and booking entries to set up new loans in accounting systems are also available through the mobile application, along with 24/7 live chat and telephone support.
"Equipment financing transactions don't have to happen between 8 and 5, Monday through Friday," Tomaselli said. "Customers can control the process from end to end, anywhere, anytime. The intersection between changing customer preferences and advanced technology enables us to reimagine how equipment financing is done."
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