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The mortgage aggregator has launched a partnership with CitoPlus to facilitate easier and faster SME loan processes.
The digital commercial broking platform, CitoPlus, provides brokers and small and medium-sized enterprise (SME) customers with streamlined experiences through automating data collection, accurate collateral details, serviceability calculations, and financial analysis.
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According to Finsure chief executive Simon Bednar, the partnership is “a win” for brokers and SME customers because it removes “key pain points” during the SME loan process and hastens the application process.
“CitoPlus has built a market-leading commercial broking platform that brings together the best of digital and data capabilities with the experience and judgment of commercial brokers,” Mr Bednar said.
“SME customers look to their broker for the critical support they need with their lending needs and this partnership is a demonstration of Finsure’s investment in helping their commercial brokers deliver best-in-class service to SMEs.”
Mr Bednar added that CitoPlus will be integrated with the aggregator’s customer relationship platform (CRM) Infynity and will remove the manual tasks involved with commercial deals to simplify the process for both commercial and “traditionally residential” brokers looking to diversify their skill set and support more commercial loans.
Jas Fazlic, Finsure’s national commercial manager, stressed how important the formation of this partnership is in the current lending climate.
“Finsure is the first aggregator to connect our own CRM platform with CitoPlus, enabling more of our brokers to assist with commercial loans will be of benefit to SME borrowers, particularly those under increasing financial pressure at this time of interest rate rises,” Mr Fazlic stated.
Mr Fazlic further stated that brokers and SMEs require a commercial lending experience that is “fast, efficient and flexible” and that this partnership aligns with current recruitment interests.
“Former bankers dream of a one-stop solution that can help them write their credit paper,” Mr Fazlic said.
“The CitoPlus platform will call out to an expansive list of required services, databases and information, giving banks the best credit paper possible.”
Co-founder of CitoPlus, Richard Winkett, said the platform’s solution is designed “first and foremost” for brokers.
“… We look forward to working with Finsure and their brokers to deliver an amazing experience for SMEs when seeking the right tailored loan solution,” Mr Winkett said.
CitoPlus recently announced its first lender integration, partnering with lender TP24 to provide brokers with a streamlined “pathway to yes”.
The integration went live to commercial brokers using the lender’s non-amortising lines of credit in November.
Furthermore, former FAST CEO Brendan Wright joined the CitoPlus board in late February 2023.
Speaking to The Adviser on his appointment, Mr Wright said he was “delighted to have been able to join the CitoPlus board”, further stating that the company was “filling a clear gap in the market”.
[RELATED: Former FAST CEO becomes CitoPlus chair]
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