Lendica, a Boston-based software company, announces the roll out of instant-approval payment plans with Altametrics.
Altametrics, a leading provider of Enterprise Labor & Inventory Management Software Solutions for restaurants, is teaming up with the tech company to help customers easily purchase its newest line of PlumPOS equipment. Cici’s Pizza, a Texas-based pizza franchise powered by Altametrics, was the first to announce the option to their customers and it has been well received – more than 30% of its franchisees have discovered the option to spread the $5–10k purchases across several months instead of upfront.
“We applaud Altametrics for their focus on ease of use, customer support, and quality underwriting,” says Jared Shulman, Lendica Co-founder/CEO. “The Altametrics’ team, with strong support from Cici’s, aided in a two-week installation of our embedded software package and provided helpful insights to promote instant, risk-based decisioning. This is a win for the franchise owners, who can enjoy as low as 5% APR financing, and small businesses everywhere who can benefit from our suite of reliable, instant funding tools in action.”
Embedded finance, as described in detail throughout Lendica’s website, brings a promise for better financial tools. Small business owners may be the ultimate beneficiary. “Small businesses have more accessible data than ever before,” explains Jerry Shu, Lendica’s Co-founder/CTO. “The trove of intel that lives in the small business’s digital headquarters – our term for SaaS providers like Point of Sale, Enterprise Resource Planning, or eCommerce platforms – can be used by lenders to quickly build an extensive risk profile, or Lendica ID, and power robust analysis for instant credit decisions. Better data means better prices for small businesses across all regions and industries.”
Lendica has been quickly growing in the embedded finance space with a list of major partners seeking to adopt its technology. “We believe the future of banking is pretty simple,” says Shulman. “Give people the tools to finance their decisions from the places that inspire them.”
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