(MENAFN- EIN Presswire)
Lendica & Flourish Software Launch Partnership: An Embedded AI Lending Solution for Cannabis and Hemp SMBs.
VENICE, CALIFORNIA, UNITED STATES, February 13, 2024 /EINPresswire / -- Lendica , a trailblazing embedded AI lending company, and Flourish Software (“Flourish”), a leading provider of cutting-edge
supply chain and comprehensive seed-to-sale management software for licensed cannabis and hemp industries, have joined forces in a strategic partnership to introduce an upgraded embedded business credit solution for cannabis-centric small and medium-sized businesses (SMBs) across the United States.
The collaborative offering, aptly named the iBranch, is an embedded financing service enabling SMBs to borrow funds from Lendica directly within Flourish's platform. This groundbreaking initiative follows the trend of embedded lending, popularized by industry giants like Amazon, Shopify, and Square. Projections indicate that embedded business loan originations will reach $500 billion annually by 2030. Lendica has strategically partnered with Flourish to extend the iBranch service to merchants in Flourish's network.
Jared Shulman, CEO and Co-founder of Lendica, emphasizes the inefficiencies in traditional small business credit, stating,“Traditional small business credit is very expensive, with the average borrower paying 61% APR. Our embedded lending programs can dramatically lower rates by leveraging private datasets for more effective underwriting and better sales channels to cut customer acquisition costs.”
Flourish's Director of Omnichannel Strategy & Partnerships, Brian Weber, highlights the advantages of this strategic partnership,“Flourish helps power cannabis operators from seed-to-sale, up and down the supply chain. The cannabis industry is credit-challenged. Flourish has partnered with Lendica to help operators running on Flourish grow their businesses by improving cash flow. Lendica's embedded AI lending solutions offer our customers unique access to fast, affordable capital sources directly from within the Flourish platform they manage inventory and orders in.”
In a related blog post , Colton Griffin, CEO and Founder of Flourish, outlines the key benefits of Lendica's Funding Toolkit, emphasizing functionality, availability, and affordability. The Funding Toolkit, integrated seamlessly into Flourish's user dashboard, offers financing products catering to critical use cases, such as PayLater, FundNow, and DrawDown. The user-friendly iBranch add-in allows Flourish users to access these financing tools effortlessly, providing quick and affordable solutions for their business needs. Lendica's data-driven underwriting process ensures competitive pricing, with funding options accessible directly within Flourish's user dashboard.
Lendica and Flourish's partnership offer cannabis-centric SMBs a reliable, accessible, and affordable lending solution, which is much needed for an industry that lacks traditional lending alternatives.
Vien Trinh
Flourish Software
+1 844-226-5444
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Instagram
YouTube
Other
MENAFN13022024003118003196ID1107846560
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.