Embedded Briefing: MX and Boss Insights collaborate to enhance digital SMB lending
- For lenders, the partnership serves to enable better and faster decision making based on applicant firms' data — collected via integration with data sources like Shopify, and QuickBooks.
- For SMBs, the partnership seeks to bridge the financial data gap between them, their financial institutions, and their financial applications.
MX and Boss Insights collaborate to enhance digital SMB lending
Utah-based MX, an open banking service provider, and Toronto-based Boss Insights, a business data aggregator, have partnered to provide lenders with SMB data to accelerate SMB lending processes.
In this partnership, Boss Insights brings small business data across multiple categories — banking, accounting, commerce, and payroll — collected through its integration with over 1,000 data sources, including Shopify, Stripe, Gusto, and Quickbooks. MX, through its APIs, connects financial service providers to this data reserve, enabling them to understand SMB applicants and their financial standing.
Lenders often struggle with access to reliable data to make speedy and secure SMB lending decisions. Boss Insights uses its data together with AI to accelerate the lending process for SMBs. The firm claims its technology connects lenders and businesses for 5x faster loan decisioning and servicing, funding, and cost savings. Through this partnership, Boss Insights gains access to financial accounts on the MX financial data platform, thus attaining the financial data of 200 million consumers that MX’s clients serve. This will aid Boss’ Smart Capital product suite, which provides automated screening, due diligence, and portfolio management, helping lenders with real-time insights to lower risk and boost revenue opportunities.
Powered by the MX Data Engine, MXdata for SMBs implement machine learning technology built to identify, cleanse, and categorize business transaction data. By standardizing business transaction data, the firm argues that financial brands can track and measure performance gaps, develop a better understanding of their business consumers’ profiles, and drive more accurate funding and payment decisions.
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