The use of technology continues to grow in the equipment and equipment finance industry, with fintechs providing services such as fraud detection, artificial intelligence-based funding assistance and digital financing solutions.
FinovateSpring 2023, which took place May 23-25 in San Francisco, featured demonstrations from more than 40 fintech companies with services across several industries.
These three fintechs offer services that are beneficial to lenders and vendors in the equipment industry.
bluCognition helps minimize risks
Piscataway, N.J.-based bluCognition provides real-time bank statement conversion and fraud detection with its platform. The fintech was founded in 2018 and offers a product suite that helps lenders with credit, fraud and compliance risks, according to the company’s website.
The company demonstrated its bluSense statement conversion technology and FraudLens fraud detection platform at the conference.
“Our bluSense product works in real-time to extract, categorize and score banking data across thousands of banks worldwide to produce an accurate assessment of the financial health of any borrower,” bluCognition’s founder and Chief Executive Sangarsh Nigam said during the company’s demo on May 24. “Our FraudLens product instantly scores and detects document fraud across all types of documents worldwide.”
Nigam showcased the products within the company’s online portal, while highlighting the company’s API and integration capabilities.
“Both of these products are available via our web portal, as well as our API capability,” Nigam said. “We can connect to your existing systems to process the data and present it natively in your existing case management systems.”
Fundica accesses government funding solutions
Fundica is an AI-powered search engine that allows users to search for and apply for funding, including government funding, according to the company. Fundica’s clients enable small businesses to find funding and provide lenders with insights into businesses seeking funding.
With finalization of Section 1071 of the Dodd-Frank Act and its implementation next year, data collection and management will be a significant additional part of the funding process. During Fundica’s May 24 demonstration at FinovateSpring, Chief Executive and co-founder Mike Lee said Fundica’s product collects demographic data.
“We license our solution to financial institutions and other entrepreneurs’ support organizations,” Lee said. “These organizations not only help these entrepreneurs find government funding, but capture demographics, promote inclusion, acquire and retain clients, and really become that one-stop, thoughtful funding adviser.”
Montreal-based Fundica launched in 2017 and partners with several financial institutions, accounting firms, governments and accelerators including Desjardins, the largest North American credit union, Lee said.
QuickFi wins Best of Show
QuickFi provides digital equipment financing solutions through its app. The Fairport, N.Y.-headquartered fintech was founded in 2018 and provides equipment financing in less than three minutes as well as “know your customer” (KYC) technology, according to the company’s website.
“Our patented KYC credit engine and AI capabilities fully automate the equipment financing process,” Nate Gibbons, chief experience officer, said during a May 24 demo. “Within seconds, a credit decision is rendered and [the customer] receives a notification that the financing has been approved.”
The company won Best of Show at FinovateSpring 2023, a repeat of its performance at FinovateSpring 2022. This year, QuickFi demonstrated its new e-commerce integrations.
“Banks and manufacturers can offer an e-commerce embedded finance or leasing solution within the manufacturer’s existing e-commerce site,” Gibbons said. “The product and order details are automatically transferred from the shopping cart to a simple credit application that can be completed in a matter of seconds.”
— Additional reporting by Joey Pizzolato
