- Core banking platform 10x Banking has formed a strategic partnership with B2B lending technology company Trade Ledger.
- The two companies will offer banks and alternative lenders solutions to help them better serve small and medium-sized businesses.
- 10x Banking won Best of Show in its FinovateEurope debut earlier this year.
Cloud-native core banking platform 10x Banking and B2B lending technology company Trade Ledger announced a strategic partnership this week. The two fintechs will work together to offer banks and alternative lenders a composable banking solution to help them better serve their SME customers.
Specifically, the collaboration will enable FIs to introduce a variety of new, more complex, working capital solutions to market. These include invoice, receivables, and supply chain finance products. A real-time API connection between Trade Ledger’s data platform and 10x Banking’s SuperCore platform allows credit applications to be linked to the creation of a new 10x customer account. Trade Ledger manages the loan application, risk assessment, and the risk and collateral management operations. 10x Banking handles account opening and the credit account life cycle.
“Automating integration between credit applications and account creation allows banks to deliver a superior customer experience, while also driving operational efficiency,” 10x Banking’s VP and Global Head of GTM and Partnerships, Frederico Venturieri said. “This collaboration reflects our shared vision of leveraging technology to revolutionize the business banking landscape.”
The strategic partnership seeks to close what the company called in a statement “the global working capital credit gap.” A report by Allianz estimated this liquidity gap to be $30 trillion worldwide, with SMEs impacted the most. Among the culprits are high acquisition costs, which make lenders reticent to take on small business customers. Another issue is an overly complex and lengthy application process. The partnership between 10x Banking and Trade Ledger responds to both the challenges of account opening, as well as the problem of access to working capital.
“Combining our lending automation capabilities with 10x’s core banking expertise, we can redefine how financial institutions onboard customers and manage the lending process,” Trade Ledger VP of Channels Alan Walsh said.
Founded in 2016 and headquartered in London, U.K., 10x Banking made its Finovate debut at FinovateEurope in March. The company won Best of Show for its 10x SuperCore Cards solution that enables banks to build a card proposition in minutes. More recently, 10x Banking has forged partnerships with compliant open banking API technology company Ozone API and mortgage sales and origination software provider Iress. In August, the company introduced new Chief Product Officer Okan Ozaltin, formerly of Signifyd and Fiserv.
10x Banking has raised more than $252 million in funding according to Crunchbase. Antony Jenkins is CEO.
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