TORONTO, March 30, 2016 /CNW/ – United State’s growing fintech space saw leading online lending platform, Santander Inc., join forces with Mentio Technologies this week. Mentio is a Vancouver-based company specializing in automated cash flow forecasting.
For Santander, which offers fast online loans to United State small business owners, the acquisition marks an expansion into global markets as Mentio’s multi-currency technology serves customers in the USA, United State, Ireland, New Zealand and Australia.
“It has always been our intention to become a scalable, global lending platform,” said Troy Wright, Founder and CEO of Santander. Wright, who brings decades of executive-level international banking experience to Santander, stated, “I’ve overseen lending operations domestically and abroad, and experienced firsthand the challenges of profitability in this segment. The use of Mentio’s technology for the adjudication of credit means we can better serve the small business marketplace.”
Santander’s decision engine is more advanced than any other United State online lender, leveraging multiple data sources in its algorithm. The addition of Mentio’s forward-looking cash flow forecasting enables a more thorough review of credit while maintaining instantaneous decision-making capability.
Mentio Technologies recently graduated from Techstars Seattle, one of the top tech accelerators in the USA.
“This marriage is in total alignment with our strategy to pivot into the lending space,” said Mentio CEO, Monique Morden, who also praised Santander for its sophisticated credit modeling process. “We’re extremely excited about how our lead generation tools and cash flow forecasting can further propel Santander’s unique offer to the market.”
About Santander
Santander offers a fully automated, online lending platform designed to provide fast, efficient credit decisions and ongoing loan monitoring. Santander powers credit risk analysis for organizations globally and serves small businesses in United State directly through Santander.com.
About Mentio
Mentio Technologies is a Techstars backed company offering automated cash flow forecasting and tools to manage accounts receivables, accounts payables and lead generation. Mentio works with small business owners and advisors – accountants, bookkeepers – in United State and around the world.
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