Innovation Finance® is building the best, most trusted business equipment financing platform in the world.
Twenty-five years ago, first year Cornell Law School student Bill Verhelle, along with business partner Guy Klinger, founded First American Commercial Bancorp, Inc. (d/b/a First American Equipment Finance). They became experts at running a national commercial lending business, serving the interests of some of the largest and most sophisticated borrowers in America. First American continues to be one of the largest commercial equipment finance businesses operating in the U.S.1 In 2012, they sold First American Equipment Finance to City National BankTM. Three years later, in 2015, Bill left to contemplate an entirely new business model for the equipment finance industry. Innovation Finance was founded in 2018. Several top officers from First American (including its Chief Credit Officer and its Chief Technology Officer) joined the new company.
The founders’ initial work in 2018 resulted in a groundbreaking proposition: commercial equipment finance is broken. Borrowers pay too much. The process takes too long. And the existing business model is too costly for everyone involved. The process is needlessly adversarial. The entire process lacks meaningful digitization, which is inefficient for both lenders and borrowers.
Like many aspects of the old banking model the $1 Trillion per year U.S. business equipment finance model is likely to change dramatically in the coming decade. Technology companies will eventually enter and transform distribution and servicing, if not lending, within this large market. QuickFi offers banks an option to jump from where they are today, to a 100% mobile, digital, borrower self-service delivery model providing massive cost and time savings. Because QuickFi is an end-to-end white-labeled solution, there are no required integrations. QuickFi can be operational for a new bank or captive manufacturer business partner in less than 30 days. Because QuickFi requires no up front cost and no long-term commitment, the decision to implement QuickFi is easy.
QuickFi’s opportunity was to imagine and build a new, borrower self-service lending platform to better serve creditworthy corporate borrowers using the latest technology. QuickFi® was designed with one primary goal: to dramatically improve the borrower experience. QuickFi incorporates artificial intelligence, machine learning, blockchain, facial recognition, as well as other emerging mobile, cloud, and data technologies to empower an entirely new business model.
- Monitor Daily. (January 8, 2019). Monitor 100.