Wirecard digitizes the funding process for US-Fintech Lender Credibly via virtual wallets

Aschheim (Munich)/Conshohocken (PA) (ots) -

- Since 2010, Credibly has funded over USD 1 billion with more than
23,000 fundings
- Credibly estimates to lend more than USD 300 million to SMEs in
2019
- Wirecard to issue digital payout cards and virtual wallets for
Credibly small business customers
- Credibly also benefits from Wirecard data analytics and reporting
capabilities

Wirecard, the global innovation leader for digital financial
technology, and Credibly, a US-based business funding fintech, have
launched a new collaboration to digitalize Credibly's funding
disbursements. Wirecard is one of the largest issuers of payout cards
in the US and now offers fully digitalized solutions, complete with a
mobile app for users to track their balances and payment activities.
Within the scope of the partnership, Wirecard will enable Credibly to
issue working capital to its customer base on both physical and
digital cards, improving funding speed via virtual wallets and
offering a choice of payment methods to Credibly's growing customer
base.

In 2019, Credibly anticipates providing approximately USD 300
million to small and medium-sized enterprise (SME) clients. This
volume will be available to be issued on cards by Wirecard, via
Wirecard's digital financial commerce platform. Added features like
mobile wallet provisioning and access to Wirecard's new mobile app
allow Credibly's customers to manage funds seamlessly, as well as
choose where and how to spend their working capital. Credibly also
gains small business spending data that will augment its already
robust risk management and marketing models.

"We place an emphasis on making the funding process as
frictionless as possible, and partnering with Wirecard allows us to
issue smart cards that provide even faster access to funds, while
providing full flexibility in how our clients spend their working
capital," said Jeffrey Bumbales, Director of Marketing & Strategic
Partnerships at Credibly. "The enhanced data and reporting
functionality will also bolster our models and risk analytics, in
turn improving our ability to meet the financing needs of SMEs."

According to a recent study by Guidant Financial, around 33
percent of small business owners in the US said that a lack of
capital was their main challenge. Credibly solves this problem by
offering tailored financing solutions for businesses, including
working capital loans, business expansion loans and merchant cash
advances.

"We are wholeheartedly focused on the customer experience," said
Ryan Rosett, Founder and co-CEO of Credibly. "Providing customers
with the option to obtain and utilize their funds almost instantly is
a major benefit of partnering with Wirecard."

Moreover, a 2018 study by The Hackett Group found that by
improving working capital management, USD 1 trillion could be
released from the balance sheets of US companies. In other words,
these companies ignored a proven opportunity to increase profits by
as much as 20 percent. This makes financing solutions such as those
offered by Credibly instrumental for growing SMEs.

"Having been a startup 20 years ago, Wirecard truly values
services that encourage growing businesses. Credibly's mission to
support the next generation of entrepreneurs resonates with us, and
we are proud to be working with them to help thousands of SMEs in the
US get the funding they need to invest in their businesses and
digitize their daily finances," said Seth Brennan, Managing Director
at Wirecard North America.

This cooperation between Wirecard and Credibly empowers SMEs
across the country with faster access to capital, more flexibility in
spending, and the tools to manage their businesses' finances.

About Wirecard:

Wirecard (GER:WDI) is one of the world's fastest-growing digital
platforms in the area of financial commerce. We provide both business
customers and consumers with a constantly expanding ecosystem of
real-time, value-added services built around innovative digital
payments by using an integrated B2B2C approach. This ecosystem
concentrates on the areas of payment and risk, retail and transaction
banking, loyalty and couponing, and data analytics and conversion
rate enhancement in all sales channels (online, mobile, ePOS).
Wirecard operates regulated financial institutions in several key
markets and holds issuing and acquiring licenses from all major
payment and card networks. Wirecard AG is listed on the Frankfurt
Stock Exchange (DAX and TecDAX, ISIN DE0007472060). Visit us on
www.wirecard.com, follow us on Twitter @wirecard and on Facebook
@wirecardgroup.

About Credibly:

Credibly is a Data Science-driven fintech lending platform which
improves the speed, cost, experience, and choice of capital to SMEs.
The company provides balance sheet, syndication, and off-balance
sheet funding options, while offering its partners access to its
robust data science capabilities. Founded in 2010, Credibly has
sustained rapid growth and provided over $1B in financing to SMBs,
while maintaining a strong emphasis on risk management and a culture
of compliance. From 2014 to 2016, the company made consecutive
appearances on the Inc. 500 list of Fastest Growing Private U.S.
companies, as well as Crain's Fast 50 in the State of New York in
2015 and 2016. In 2017 Credibly became the first company in its space
to acquire the servicing rights to a competitor's portfolio ($250MM).
Credibly was selected for its proven approach to managing risk. In
late 2018, the company completed its first asset-backed
securitization and followed with an investment grade senior debt
offering in 2019. Credibly's headquarters are in Southfield,
Michigan, with offices in New York and Arizona. For more information,
please visit www.credibly.com.

Wirecard media contacts:
Wirecard AG
Jana Tilz
Tel.: +49 (0) 89 4424 1363
Email: jana.tilz@wirecard.com

Wirecard North America
Kevin Brown
Tel.: (631) 987 - 4215
Email: kevin.brown@wirecard.com

Credibly media contact:
Credibly
Jeffrey Bumbales
Tel.: (248) 633 - 1232
Email: jbumbales@credibly.com

Original-Content von: Wirecard AG, übermittelt durch news aktuell