BOSTON, April 16, 2024 /PRNewswire/ -- Daylit, an embedded AI lending, and EBizCharge, a top-rated provider of payment solutions, proudly announce a transformative collaboration aimed at introducing a groundbreaking embedded business credit solution for small and medium-sized enterprises in the U.S.
The new service, called the iBranch, is a cutting-edge financing solution that enables businesses to borrow money from Daylit without having to switch to a different platform. The innovative service represents a fusion of Daylit's cutting-edge AI credit underwriting and EBizCharge's all-in-one suite of payment solutions. This synergy facilitates a seamless and efficient financing process, allowing businesses to access fast and low-cost funding without the need to transition to a different platform.
As an industry leader, EBizCharge aims to seamlessly connect payments through its dynamic and comprehensive software. By integrating payments and financing through this new partnership, companies are empowered to grow and scale faster. This all-inclusive approach streamlines operations and enhances overall efficiency for businesses.
Leveraging the growing trend of embedded lending popularized by industry giants like Amazon, Shopify, and Square, the iBranch is set to become a key player in meeting the credit needs of small and mid-sized businesses. Embedded business loan origination is projected to experience a staggering 125% year-over-year growth, reaching an annual origination of $500 billion by 2030.
"We're excited to partner with EBizCharge, an industry leader in payment solutions software. This is a mutually beneficial partnership, as we can use our AI credit underwriting to offer fast and low-cost financing solutions for businesses," Jared Shulman, CEO and co-founder of Daylit, expresses his enthusiasm about the partnership. "Traditional small business credit is very expensive, with the average borrower paying 61% APR. Our embedded lending programs can dramatically lower rates to our customers we're excited to bring them to market with a leader in the space."
Jerry Shu, the company's CTO/Co-founder, adds that the power of AI-driven credit underwriting shines with rich, embedded datasets that banks and non-bank lenders struggle to process. This is especially useful for instant decision transactions such as B2B Buy Now Pay Later (BNPL) and other shorter term cash management tools.
"EBizCharge is the ultimate platform for payment solutions. With the iBranch, we're adding financial power to our platform, allowing our customers to access credit without leaving the EBizCharge platform," said Matt Rogers, VP of Strategic Alliances at EBizCharge.
Daylit enhances the financing experience for businesses, offering features such as instant decisions, fair pricing with low rates and fees, and no credit impact, providing flexibility even in cases of rejection. This strategic alliance is expected to significantly impact the payments sector by offering customers unique access to fast, affordable capital sources that support growth and can help businesses scale directly from the EBizCharge platform.
To learn more about Daylit and its transformative potential for your business, please visit www.goDaylit.com. Stay connected and follow us on LinkedIn.
