23/07/2020
In a New Zealand banking first, Kiwibank has launched Fast Capital, a digital platform that enables automated decision-making for lending to companies.
By linking Xero or MYOB AccountRight company accounting data to Kiwibank, companies can apply for up to $100,000 of capital for a business overdraft, a business loan or even a credit card and get a decision in just five minutes.
Kiwibank General Manager for Product Nicole Pervan says: “This online automated application and decision process provides Kiwi businesses with a quick and painless borrowing experience. It drastically reduces the time spent by both the borrower and the lender in assessing and approving an application.
“In comparison the time it takes to get a credit decision through a normal process can be five or six working days. We know time spent dealing with bank administration is a point of frustration for many businesses so it’s great to deliver an innovative solution so businesses can focus on other priorities.
“Kiwibank is really excited to be the first bank to use this technology designed right here in New Zealand. It’s the brainchild of Auckland based fintech company Ranqx which developed the software in partnership with Kiwibank. We want to support Kiwi ingenuity and find solutions to customer problems, so this was a great opportunity to work with a smart company in our own backyard.
“All businesses have ups and downs and COVID has exacerbated this. Fast Capital provides support for businesses, giving them access to extra funds when they are needed and fast,” Pervan said.
Companies can apply by visiting our Fast Capital page.
Note: Kiwibank has recently reduced its Business Mastercard rates to 12.95%. The New Zealand-owned bank also reduced its variable lending rates in June by 1% benefiting thousands of small and medium sized business banking Kiwibank customers.
Media contact: External Communications Manager Kara Tait 027 475 3521