Uplinq and Visa Partnership to Boost Access to Fair Credit for Small Businesses

Small business owners across the U.S. and Canada might soon find it easier to secure much-needed working capital thanks to a new strategic collaboration between Uplinq Financial Technologies and Visa.

Uplinq, recognized as the first global credit decisioning support platform specifically for small business lenders, announced its alliance with the digital payment giant Visa. This union promises to present an innovative solution in SME lending by marrying Uplinq’s advanced credit decisioning technology with Visa’s expansive reach within financial institutions.

At the heart of this partnership is Uplinq’s breakthrough API technology. Designed to assist lenders in risk mitigation, it further aims to broaden the horizons of fair credit access to small businesses in both nations. The technology doesn’t just rely on traditional metrics. Instead, it offers a holistic business view by considering vast datasets encompassing market dynamics, community influences, and even environmental conditions. This comprehensive approach can potentially revolutionize assessing creditworthiness, especially for smaller enterprises.

Matt Baker, the Head of Small Business at Visa Commercial Solutions, stressed the importance of rapid access to working capital, particularly for small businesses that form the backbone of the global economy. “Through this strategic collaboration, we look forward to introducing Uplinq’s advanced credit decisioning technology to our financial institution clients across the U.S. and Canada to ultimately help more small businesses in both countries.”

Uplinq’s technology promises a more inclusive and precise lending decision by sidestepping the limitations of traditional credit scores and company financials. This is especially pertinent given that the platform has already underwritten loans amounting to over $1.4 trillion globally. Drawing data from more than 150 countries, Uplinq’s broad perspective could be the difference-maker for many SMEs, particularly those from minority and protected class segments, who often face systemic barriers in obtaining credit.

Ron Benegbi, CEO and founder of Uplinq, expressed enthusiasm about the partnership. “We are thrilled to be working with an industry leader like Visa as we advance our efforts to help more small businesses secure the financing they need to succeed in today’s challenging lending climate. This engagement is a testament to the promise of our technology in bridging the vast and persistent gaps that small businesses still grapple with when trying to access fair credit, especially as related to minority and all protected class segments.” ”

This recent partnership adds to a growing list of accomplishments for Uplinq this year. Notably, they’ve forged a relationship with the SME Finance Forum and earned accolades, including “Fintech Startup of the Year – Lending” at the 2023 Banking Tech Awards USA. Furthermore, they are currently in contention for the US FinTech Awards 2023 in the Banking Tech of the Year category.

This collaboration might signal a brighter future for small business owners in their quest for working capital. With the combined efforts of Uplinq and Visa, the pathway to financial assistance could be clearer, fairer, and more inclusive than ever before.

Image: Uplinq, Visa

Joshua Sophy Joshua Sophy is the Editor for Small Business Trends and has been a member of the team for 16 years. A professional journalist with 20 years of experience in traditional media and online media, he attended Waynesburg University and is a member of the Society of Professional Journalists. He has held roles of reporter, editor and publisher, having founded his own local newspaper, the Pottsville Free Press.