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QuickFi by Innovation Finance USA LLC

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11/06/2024 Banking Innovation

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B2B Embedded Secured Lending Platform for Banks and OEMS

Innovation presentation

The business equipment finance industry is expected to change dramatically in the coming decade. The past decade saw embedded payments evolve with companies like PayPal, Square, Stripe, and Apple Pay offering solutions at the point of sale for consumer goods. Next, consumer and micro-business consumer lending saw successful embedded finance initiatives by Affirm, Klarna, and AfterPay. The new frontier in embedded finance is the delivery of embedded secured equipment financing at the point of sale. QuickFi® is the only embedded finance provider currently serving banks and global OEMs in the $1.1 trillion per year secured equipment financing and leasing market. (Read here: https://quickfi.com/embedded-equipment-finance/)

Figure 1: https://quickfi.com/wp-content/uploads/2024/02/Embedded-Finance-Evolution.jpg

Figure 2: https://quickfi.com/wp-content/uploads/2024/02/Embedded-Finance-Evolution-JP-Morgan.jpg

Currently, banks operating the traditional sales distribution model (Wells Fargo, M&T Bank, etc.) and large manufacturer captive finance companies (Dell Financial Services, Caterpillar Financial, etc.) employ salespeople to manually processloans and leases in a business model largely unchanged during the past 30 years. Global manufacturers and banks are adopting the 100% digital, borrower self-service QuickFi platform to instantly jump to a 100% digital, touchless, borrower self-service embedded finance model preferred by SMB borrowers.

QuickFi eliminates a bank’s or a manufacturer’s need to acquire costly software and to hire credit, operations, legal, customer service, and compliance employees. QuickFi provides user authentication, borrower onboarding, credit underwriting and adjudication, loan and lease structuring and pricing, transaction documentation, lien recording and perfection, fraud prevention, compliance, KYC, AML, BSA, funding, lease and loan payment servicing, sales use and personal property tax administration, OFAC services, collection and reporting, and 24/7/365 live customer service. These capabilities are provided instantly at a fraction of the cost of the existing delivery model. QuickFi costs less than one-third the cost of operating the traditional model.

Today, QuickFi is the exclusive financing platform in the U.S. and Canada for the third largest global construction equipment manufacturer in the world: XCMG (for comparison, Caterpillar is the largest and Komatsu is the second largest, John Deere is the fifth largest). XCMG operates their entire US and Canadian captive operations on the QuickFi platform under the oversight of a very small team of XCMG executives, who direct the entire 50-state secured lending business on the QuickFi platform.

QuickFi provides three rapid-start integrations to help embed financing into existing sales channels for bank vendor loan origination partners:

For strategic direct sales teams, QuickFi can facilitate pre-approvals to help sell equipment at higher margins:

https://youtu.be/Af_p2XcEfpE

For widely dispersed dealer networks, QuickFi can facilitate point-of-sale equipment financing at scale with a simple digital credit application link that can be rolled out in as little as two weeks:

https://youtu.be/yUDlRSvirjc

For manufacturers and vendors using eCommerce to sell products online, QuickFi’s newest offering facilitates point-of-sale financing with a direct web shopping cart integration:

https://www.youtube.com/watch?v=eHbYCItjbbU

The output of the QuickFi platform is digital chattel paper, which is placed in the bank or manufacturer’s digital vault. QuickFi accommodates digital lease or loan transactions up to $5 million each.

A manufacturer using QuickFi may originate loans and leases that can later be sold to banks or other financial partners. Syndicated transactions purchased by banks may continue to be serviced by the banks on the QuickFi platform in the manufacturer's name, with ongoing reporting to the manufacturer.

In 2023, QuickFi helped several global equipment manufacturers sell multi-million-dollar portfolios to U.S. banks and other financial institutions. As described above, the loans and leases continue to be serviced in the manufacturer’s name on the QuickFi platform.

In 2024, QuickFi also added several new global manufacturers to its partnership roster, as well as new funding partnerships with several US and Canadian banks and financial institutions. QuickFi is finalizing relationships with several technology and healthcare equipment companies to offer embedded financing at the point of sale.

Market acceptance is evidenced by QuickFi’s “Excellent” TrustPilot ratings (4.9 average), available here: https://www.trustpilot.com/review/quickfi.com. Borrowers prefer the speed, accessibility, transparency, and 24/7 live customer service of QuickFi.

QuickFi currently provides equipment financing in the U.S. for Johnson Controls (USA), Atlas Copco (Europe), SANY (Asia), Busch Vacuum (Europe), Chicago Pneumatic (USA), XCMG (China), Sullair (USA), Softchoice (Canada), Power Technique (USA), Machinery Partner (USA), Ackuretta (Taiwan) and many others.

QuickFi originates business in all 50 states and began offering services in Canada on June 1, 2024. Expansion into Mexico is in development. Europe, Asia, and Central and South America are anticipated.

QuickFi has proprietary technology. QuickFi has patents in the U.S.A., Canada, Hong Kong, Japan, and Mexico. Additional QuickFi patents are pending in the U.S.A. and many countries internationally. See https://quickfi.com/patents/.

Innovation Finance® and QuickFi® are registered trademarks in the United States, the European Union, Japan, Australia, the United Kingdom, Turkey, and China with pending trademark applications in Canada, Mexico, Japan, Argentina, Colombia, Brazil, Israel, Nigeria, South Africa, Egypt, Saudi Arabia, UAE, Thailand, Singapore, New Zealand, Indonesia, South Korea, Taiwan and elsewhere.

Uniqueness of the project

QuickFi® was created to improve the small and medium business (SMB) borrower experience. QuickFi enables creditworthy businesses to obtain low, fixed-rate term equipment financing in minutes, not days or weeks, with transparent, borrower-friendly terms and conditions and 24/7 live support.

QuickFi is a digital platform serving banks and original equipment manufacturers (OEMs). QuickFi enables business equipment financing at the point of sale. QuickFi costs one-third as much to operate as the legacy equipment finance business model. QuickFi reduces costs, shortens equipment sale cycle times, and dramatically improves borrower satisfaction. QuickFi makes its OEM partners easier to do business with.

QuickFi’s patented technology represents the evolution of instant, embedded finance. Embedded finance started in payments (PayPal, Venmo) expanded into unsecured consumer lending (Affirm, Klarna) and now QuickFi provides instant secured business lending at the point of sale. Over $1 trillion of business equipment is financed annually by businesses in the United States.

QuickFi empowers SMBs to control and direct the financing process, and to efficiently acquire the equipment they need to grow.

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