Loanspark Continues Its Work with Mastercard, MidDesk, and LexusNexis to Facilitate a Smoother Lending Process

Loanspark Continues to Strengthen SMB Funding Security and Compliance with Mastercard, Middesk, and LexisNexis

BOSTON, May 18, 2023 /PRNewswire/ -- Loanspark partnered with world-leading tech brands Mastercard, Middesk, and LexisNexis to enhance, speed up, and secure service delivery for its co-branded partners and their business customers.

Founder and CEO Michael Barnett stated that these partnerships were vital to Loanspark's mission. He said, "We are committed to bringing sanity, normalcy, confidence, and compliance to the SMB lending landscape. Integrating Mastercard, Middesk, and LexisNexis into our processes is in the best interest of our co-branded partners and their business customers."

Mastercard for Powerful Open Banking Connections
A partnership with Mastercard enables Loanspark to leverage Mastercard's open banking platform, with some services delivered through its subsidiary, Finicity, allowing businesses to establish direct consumer-permissioned connections with their customers' bank accounts. This enables SMB owners to submit financial information securely and easily while focusing on running their business, and in turn allowing Loanspark to make better credit decisions by quickly verifying the borrower's financial details. Accurate borrower information minimizes the lending risks and increases accuracy and speed of funds for SMBs. "Small businesses are increasingly looking for greater choice in how they borrow, pay and manage their finances. Partnering with organizations like Loanspark, provides small businesses with a streamlined process to gain access to capital and putting their financial worries at ease," said Andy Sheehan, EVP, US Open Banking, Mastercard. 

Middesk for Onboarding Co-Branded Partners
With Middesk's business identity platform, Loanspark accurately verifies its co-branded partners. To ensure compliance, security, and trust, Loanspark only partners with authorized U.S. companies. Business identity data from Middesk ensures Loanspark continues to onboard the right co-branded partners.

LexisNexis for Lending Risk Mitigation
LexisNexis is a part of the RELX corporation, a global leader in information-based analytics, business intelligence, and decision tools. Loanspark leverages LexisNexis's trusted risk intelligence to analyze and validate borrowers on behalf of its co-branded partners.

By establishing these three partnerships, Loanspark continues to drive easy, transparent, secure, and compliant lending practices, creating a safe lending marketplace for its co-branded partners as well as their customers. Michael Barnett believes mutual trust is critical in building a thriving commercial lending ecosystem.

"Security, trust, and compliance are not a one-way street. We must all work together to ensure things are done the right way. It's on all of us to end dubious business practices that have no place in the financial industry." — CEO Michael Barnett

True to Michael's word, Loanspark is doing its part to clean up the commercial funding landscape by pulling all the stops to incorporate trusted resources into its fintech processes.

About Loanspark
Loanspark is a fintech start-up at the forefront of creating accessible and affordable funding solutions for SMBs. It empowers B2B businesses, accounting firms, financial brokers, and lenders to provide favorable business funding solutions to their customers. It does so through co-branded partnerships, a robust loan origination platform, and an ever-growing marketplace with over 100 SMB funding programs.

Loanspark creates a commercial financing ecosystem that's mutually beneficial to lenders and borrowers. It promotes growth to its partners by positioning them as value-added lenders to their customers. And in the process, SMBs gain quick, easy, safe, and affordable access to much-needed capital.

SOURCE Loanspark, LLC

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