ACCESS Newswire
17 May 2022, 18:43 GMT+10
Partnership unlocks new efficiencies and improves underwriting confidence with real-time accounting data
NEW YORK, NY / ACCESSWIRE / May 17, 2022 / ForwardAI, a fintech providing aggregated access to accounting & business data and analysis, announced today its partnership with Fifo Capital, a leading provider of business finance solutions in Australia. Through the partnership, Fifo Capital will be enhancing its business loan underwriting process using accounting, financial and cash-flow forecasting data provided by ForwardAI's technology.
The partnership enables Fifo Capital to integrate a solution that automates cash flow lending by providing access to real-time, short-term, and long-term cash flow forecasting supported by numerous data attributes. Leveraging integrations with leading small business software and accounting platforms, ForwardAI provides real-time access and integration to critical financial data points and analysis, normalizing data from over 17 accounting software companies and providing it in one consistent format. Instead of relying on historical business data, ForwardAI's technology allows Fifo Capital to process loans faster and more confidently.
'After an extensive search of the market, Fifo saw ForwardAI as a clear winner to assist us with obtaining and managing our client financial and business data, driving faster and better lending decisions,' said Wayne Morris, CEO of Fifo Capital. 'ForwardAI has focused on the future needs of lenders and clients, delivering today very powerful cutting-edge data analytics and tools. What impresses us most is their desire to be the best of breed, and to collaborate and work together to build a better ForwardAI and Fifo Capital offering. It's a truly rewarding partnership and win-win all round.'
'We're excited to be partnering with Fifo Capital, a leading provider of business finance solutions in Australia,' said Nick Chandi, CEO and co-founder of ForwardAI. 'Manual data collection and an overreliance on historical business data is still widespread among business lenders, resulting not only in inaccuracies but also disadvantaging data-thin businesses. ForwardAI's technology provides Fifo Capital with streamlined access to accounting, banking and financial data - combined with historical and predictive data points - which increases confidence in the loan underwriting process and expands access to underserved business owners.'
ForwardAI will be attending and exhibiting at booth 408 at LendIt Fintech USA 2022 in New York City from May 25-26, 2022. CEO & Co-founder Nick Chandi will also be speaking at the panel, 'Which Financial Services Should be Embedded?' along with other experts at 3:15 PM EDT in room 3 on May 26, 2022.
About ForwardAI
ForwardAI is improving access to aggregated accounting, financial, and business data for banks, lenders, and fintechs. With leading small business software integrations available, the intelligent PreciseMatch™ tech, deep client analysis, unparalleled forward-looking data insights, and a complete suite of calculated KPIs and ratios, ForwardAI customers can turn client intake and assessment into only three quick steps. Solutions available include an API, a partner portal, and a client-facing cash flow management and planning tool. To get started or learn more, visit ForwardAI.com
About Fifo Capital
Launched in Australia in 2007, Fifo Capital is a leader in the commercial fintech space for innovative cash flow and working finance facilities, underwriting in excess of $2b to over 3,000 businesses - with a specialty in SME and larger business in construction, manufacturing, labour hire and importer/wholesalers. Fifo Capital is accredited as a financier in the Australian Government's SME Recovery Loan Scheme. Wayne Morris, CEO, was consulted by the Australian Small Business and Family Enterprise Ombudsman in their review into Supply Chain Finance (2020) and consulted by the Australian Federal Government in their review of Supply Chain Finance (2021). Fifo was recognised as a 2019 finalist in the Fintech Business Awards for Lending innovator of the Year, in 2020 was the winner of the Best Working Capital Solution Provider - Australia by the APAC BusinessAwards. In March 2021 leading Australian finance and investment house Wingate acquired a majority equity interest in Fifo Capital.
Contact Info:
Philipp Jago
1-929-255-5652
[email protected]
SOURCE: ForwardAI
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