VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 26, 2017) - Mobetize Corp. (MPAY), a provider of mobile financial services (MFS) technology for the multi-billion dollar business to business (B2B) segment of the Fintech as a Service (FaaS) sector, and G&F Financial Group (G&F), a full service credit union that provides personal, business and wealth financial solutions in British Columbia, are pleased to announce the launch of an online and mobile lending application "Smart Money Loan". Both parties are excited to invite other financial institutions to join in this innovation and offer the same service to their own clientele.
Smart Money Loan is a proprietary digitized lending product that allows borrowers to apply for secured and unsecured loans ranging from $500 up to $35,000 to refinance credit card debt, student loans, weddings, or household projects.
"Mobetize is excited to be working with G&F and invites financial institutions (FIs) throughout North America to capture the immediate opportunity for growth in the online lending marketplace," said Ajay Hans, Mobetize CEO.
The co-developed lending solution is configurable, scalable and able to implement dynamic algorithms in a cloud-based environment that enables FI's to quickly launch their own online lending products and controls.
This innovative software solution, built on the core Mobetize Fintech platform, enables FI's to instantly meet Know Your Client (KYC) and Anti Money Laundering (AML) compliance in addition to computing complex algorithms for auto-adjudication of the personal bank lending process initiated from any tablet, PC or mobile device.
"For G&F, the Mobetize smartLoan app is a natural extension of the lending products we offer that provides borrowers with a seamless, fast, secure and convenient experience," said Bill Kiss and Jeff Shewfelt, Co-CEOs, G&F Financial Group. "Many financial institutions are looking for ways to expand their products online and into the mobile space so our partnership with Mobetize is ideal. Working with Mobetize, we retain the relationship with our members, which is important from a values and culture perspective. Our hope is that other FIs will participate in the Mobetize platform."
Key benefits for FI's include:
- An omnichannel and simple user experience for fast loan decisions and funding
- Digitized back-office processes and interoperability
- Ability to lead innovation with configurable KYC and heuristic adjudication rules
- Configurable workflow of applications
- Easy white-labeling configurability for branding and rapid launch
- Opportunity to leverage new lending business models
- Ability to respond to and address security and regulatory requirements
G&F has launched the app, branded as their Smart Money Loan app, and will continue to work with Mobetize on product expansions.
The smartLoan solution is offered by Mobetize to direct and platform lenders in North America who are interested in growth within the online lending space, as well as branded solutions where the experience is owned by the credit union.
About G&F Financial Group
As one of BC's top ten credit unions, G&F Financial Group (G&F) has over 30,000 members, 14 locations and $2 billion in total assets under administration. G&F proudly provides a full range of personal and business banking solutions to our credit union members. With a passion for educating and empowering others to achieve their financial goals, we focus on providing advice tailored uniquely for each member and have supported members and invested in our local communities for over 75 years.
Mobetize Corp. (MPAY) has developed a global B2B Fintech as a Service (FaaS) Supermarket. Mobetize digitizes bricks and mortar financial services to deliver mobile money services to leading telecommunications companies and financial institutions. Mobetize ensures end-to-end integration for services such as prepaid air-time top ups, data gifting, mobile lending, international money transfers, P2P transfers, Visa™/MasterCard™ programs and mobile bill payments. Mobetize seamlessly integrates and white labels its secure mobile money platform services for customers who then offer the services to millions of users. Mobetize experts to help telecom and banking providers discover new revenues, new customer relationships and navigate the emerging Fintech ecosystem. For more information, visit http://www.mobetize.com.
About Online Marketplace Lending
Online marketplace lending has emerged as an industry offering faster credit for consumers and small businesses. Companies in this industry have developed two primary business models: (1) Direct lenders that originate loans to hold in their own portfolios, commonly referred to as balance sheet lenders and (2) Platform lenders that partner with an issuing depository institution to originate loans and then purchase the loans for sale to investors as whole loans or by issuing securities such as member-dependent notes. Market analysts have identified a $1.0 trillion addressable market for online marketplace lenders (excluding mortgages), and estimated loan origination volumes could reach $90.0 billion by 2020*.
*("U.S Treasury Department - Opportunities and Challenges in Online Market Place Lending May 2016")