Lend Academy Podcast : Sam Graziano of Fundation
The CEO and co-founder of Fundation talks small business lending, bank partnerships, big tech, verticalization and what's next
While there are several online lending platforms that have reached scale in the small business space, banks still do the vast majority of small business loans. But many banks don’t have the capability to provide a modern, digital and user friendly experience. The good news is that banks now recognize this and are more open to partnering with fintech companies than ever before.
Our next guest on the Lend Academy Podcast is Sam Graziano, the CEO and co-founder of Fundation. His company is increasingly partnering with large banks to help digitize and streamline their small business lending operation (their latest bank partner was announced just this week).
In this podcast you will learn:
- The Fundation origin story.
- Why he quickly realized that they needed to be focused on institutional capital.
- The two pivots they have made since starting the business.
- The type of channel partners they work with for referrals.
- How they built their platform for different kinds of partners.
- The typical terms of their small business loans and lines of credit.
- How their white label small business lending products work for banks.
- The type of banks they are focused on with that product.
- Why it is easier to talk with banks today than it was a few years ago.
- How incumbent banks are becoming more like fintechs.
- Sam’s thoughts on big tech entering the small business lending space.
- Why we are seeing a verticalization in small business software.
- The paradigm shirt he sees in the future for banks.
- What’s on the horizon for Fundation next year.
Fundation Deploys Private Labeled Loan Origination Platform for Fifth Third Bank
Fundation Deploys Private Labeled Loan Origination Platform for Fifth Third Bank
Collaboration to include streamlining the delivery of Fifth Third credit products and providing Fundation products as an alternative option for qualifying customers
NEW YORK–(BUSINESS WIRE)–Fundation today announced that it has collaborated with Fifth Third Bank to modernize Fifth Third Bank’s loan origination capabilities for small business loans and lines of credit. The new capability enables small businesses to apply for loans and lines of credit through a simple, digital application. The solution will initially be available through Fifth Third banking centers in select markets and ultimately be deployed at 53.com. In most cases, approvals will be provided within minutes and funding available to customers within a couple of business days through a completely digital process. Additionally, Fundation will offer Fundation branded products to customers that do not meet Fifth Third’s eligibility guidelines, helping the bank to serve more of its small business customers’ credit needs.
“At Fundation, our mission is to enable our banking clients to give their small business customers the best of both worlds – great products at great prices along with the modernized experience they expect in the digital era”
“At Fundation, our mission is to enable our banking clients to give their small business customers the best of both worlds – great products at great prices along with the modernized experience they expect in the digital era,” said Sam Graziano, CEO of Fundation. “This collaboration does exactly that. The combination of Fifth Third Bank’s renowned brand, customer reach and great products with our digital lending platform will allow us to collectively serve the Bank’s customers with best-in-class products and a best-in-class customer experience.”
With this latest solution, and in addition to those already deployed with Regions Bank, Citizens Bank and Bank of the West, Fundation now collaborates with 4 of the top 20 commercial banks in the United States in their small business lending programs.
About Fundation
Fundation Group LLC is an origination solutions provider focused on the small business market nationally. Fundation is a leader in providing technology and application processing services to support more than 25 super regional, regional and community banks. Fundation’s solutions enable its financial services clients to develop a digital banking capability, provide a great customer experience, drive cost efficiency into their small business lending program, and maximize the number of customers they can serve. Fundation’s services range from simple referral partnerships to customized, integrated private-labeled lending programs. The Company also partners with a wide array of organizations that serve the small business market in various capacities to deliver credit products to the business community nationwide. For more information, please visit www.fundation.com.