SMB micro-lending platform has enterprise-level security for customer data
TEMPE, Ariz, June 14, 2022 /PRNewswire/ -- PunchPay announced today that it has achieved SOC 2 Type II compliance in accordance with American Institute of Certified Public Accountants (AICPA) standards for SOC for Service Organizations also known as SSAE 18. Achieving this standard with an unqualified opinion serves as third-party industry validation that PunchPay provides enterprise-level security for customer's data. PunchPay's CEO, Michael Ly, said, "The company is committed to building trust with their partners, end-users, and the marketplace. It's important for us to assure our customers of the highest standards of information security and protection."
PunchPay provides micro-loans for the banking desert of small business lending. The company's mission is to increase the velocity and affordability of access to working capital in a way that is missing from traditional lines of credit, credit cards and factoring solutions. PunchPay's micro-loans are anchored in the small businesses' accounting data using their proprietary algorithm that scores and underwrites the micro-loans. "By tapping into the SMB's accounting system, we have greater visibility into the health of the business, and can remove document uploads and lengthy forms from the application process," says Michael Ly.
Data management is central to the PunchPay application and ensuring that data is secure is top priority. Ali Sarafzadeh, CPO explains what's next, "We will continue to pursue certifications that demonstrate our commitment to the highest security standards in the industry."
PunchPay was audited by Prescient Assurance, a leader in security and compliance attestation for B2B, SAAS companies worldwide. Prescient Assurance is a registered public accounting in the US and Canada and provides risk management and assurance services which includes but is not limited to SOC 2, PCI, ISO, NIST, GDPR, CCPA, HIPAA, and CSA STAR.
About PunchPay:
PunchPay is a solution by Saasable, Inc., founded in 2019 by serial entrepreneurs Michael Ly and Ali Sarafzadeh. The PunchPay platform leverages accounting data to offer SMBs flexible installment loans on paid business expenses. PunchPay is backed by The Fund at Hula, FreshTracks Capital, Burlington Telecom Innovation Fund, CPA.com, Mucker Labs and Connetic Ventures. Find more information about the PunchPay platform at www.punchpay.co.
Contact:
Andria Denome
PunchPay by Saasable, Inc.
(833) 773-2738
[email protected]
SOURCE PunchPay
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