World News: 14:00 GMT Tuesday 3rd December 2019. [WebBank via Businesswire via SPi World News]
Digital lending leader WebBank today announced a strategic partnership with, the automated accounting and finance platform for small business. The partnership combines WebBank’s best-in-class compliance, capital and oversight management capabilities with ScaleFactor’s robust technology platform, expanding the latter’s ability to deliver a wider range of financial insights and solutions to small business owners. The announcement follows ScaleFactor’s that it closed a $60M Series C funding round to further expand its product offerings and ramp its national presence.
According to a, 76% of SMBs who do not have a full-time or fractional CFO have no plans to hire one, while 58% employ a technology solution to manage their accounting and/or back office. As business owners increasingly rely on technology to inform decision making the end-to-end solutions that rapidly deliver data, insights, and financial products to business needs will become ever more valuable.
“At WebBank, we partner with strategic platforms that are developing innovative technologies to make financial services more accessible to the general public,” said Jason Lloyd, EVP of Strategy and Business Development at WebBank. “ScaleFactor has proven itself one of the most visionary platforms in the market. Their relentless focus on empowering small business owners with financial insight and strategic money management options makes them an ideal partner. We are excited to work with ScaleFactor to bring the power of fintech to Main Street, ultimately improving the ability of small business owners to manage their companies more successfully every day.”
“When we set out to reinvent the way small business owners manage their finances, our goal was to make the entire process seamlessly integrated, more insightful, and ultimately more strategic,” said ScaleFactor CEO Kurt Rathmann. “Partnering with a digital lending leader like WebBank allows us to unlock the intelligence generated by our platform to provide an expanded set of solutions to our customers to accelerate their business growth.”
WebBank looks forward to accelerating ScaleFactor’s expansion beyond routine back office automation into a more comprehensive set of financial insight solutions for small businesses. ScaleFactor recently announced the release of the, the first product released under the WebBank partnership.
Organized in 1997, WebBank is an FDIC‐insured, Utah‐chartered industrial bank headquartered in Salt Lake City. A leader in digital lending, it is a national issuer of online consumer and small business loans through brand partners that include retailers, OEMs and financial technology companies. The bank provides customized credit products and solutions as a best-in‐class provider of compliance, capital and oversight management for strategic partner platforms. For more information about WebBank, visit.
ScaleFactor is the essential business OS, offering the most comprehensive view of your business finances. We’re always on and always up to date, so you always know exactly where your business stands. We alert you to what needs attention and make proactive suggestions with your bottom line in mind. Get back to business with the confidence that ScaleFactor is on your side. For more information about ScaleFactor, visit.
Business Wire: 14:00 GMT Tuesday 3rd December 2019
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