Mobile biometric platform for business equipment financing introduced at Money20/20

Oct 31, 2019 | Luana Pascu

Innovation Finance has officially presented its QuickFi mobile biometric platform for business equipment financing at the Money 20/20 event in Las Vegas, the company announced.

Innovation Finance claims its application uses artificial intelligence, blockchain and facial recognition to reduce loan approval time from three weeks to three minutes for U.S. businesses whose activity relies on equipment loans. It uses a 100 percent digital process to facilitate access to fixed-rate term loans ranging from $5,000 to $5 million each, the company explains.

“With today’s release of QuickFi, our commitment is to become the best, most trusted business equipment finance company in the United States,” said Innovation Finance Founder and CEO Bill Verhelle. “Our industry does not provide the same protections and level of transparency to businesses that we receive when we take out personal loans. Banks and industry finance professionals have resisted adoption of rate disclosures that would more fairly serve business borrowers – so we decided to do it ourselves.”

“Banks are not organized for innovation or disruption,” said Innovation Finance President Mark Tomaselli, who demonstrated QuickFi’s capabilities at Money20/20. “Commercial banks are simply not going to change their approach to these loans. So we imagined and built an entirely new business model to better serve creditworthy corporate borrowers by employing the latest technology. We are already getting terrific feedback from CFOs who tell us they’ve been looking for an alternative to the traditional, broken lending approach.”

Facial recognition on mobile devices is increasingly popular for personal financial accounts, though the market is less crowded for businesses financial services.