RDC.AI has announced a partnership with Bank of New Zealand (BNZ) to launch the Merchant Flexi Loan, a cashflow-based unsecured lending solution designed for small businesses.
Loan approval in minutes
The collaboration introduces a new model to SME lending in New Zealand, giving eligible merchants the opportunity to receive tailored loan offers and approval within minutes. Using RDC.AI's explainable artificial intelligence decisioning platform, the solution enables businesses to access funds without the need for financial statements.
The Merchant Flexi Loan leverages terminal transaction data and cashflow history to assess borrower eligibility. Dynamic credit offers and embedded monitoring also form part of the platform, allowing repayment terms to be adjusted in line with business performance. Merchants can select repayments of between 10 to 30 per cent of daily settled terminal sales, allowing for flexibility according to ongoing cashflow.
According to RDC.AI and BNZ, qualifying applicants may be approved in as little as three minutes, with disbursed funds available within two business days. The product uses a one-off fee structure, with no interest charged, aimed at providing certainty and transparency for borrowers.
Small and medium enterprises (SMEs) represent a significant portion of the New Zealand economy, accounting for 97 per cent of all businesses, according to data from the Ministry of Business, Innovation and Employment. Fast access to credit is seen as an essential factor in supporting their ongoing operations and growth.
BNZ has stated that its customers are already making use of the Merchant Flexi Loan, particularly for purposes such as business expansion and equipment investment. The bank attributes early adoption to the product's speed and ease of access, positioning it as an additional option within the lending market.
We're excited to collaborate with BNZ to support New Zealand's SME economy through this AI-driven merchant lending solution and launch an innovative cashflow lending structure. Our explainable AI empowers banks to offer businesses the financial flexibility, transparency and rapid access to capital they need to thrive. At RDC.AI, innovative and accessible access to credit sits at the core of what we do. Limited resources and dependence on customer payments shouldn't hinder business growth – or potentially halt operations during a crisis when access to funds becomes critical. We're helping more businesses access innovative credit solutions and giving them better control over their working capital.
Ada Guan, CEO and Co-Founder of RDC.AI, outlined the objective of making lending more accessible for small businesses, emphasising that business operations should not be restrained by cashflow constraints or the need for immediate resources. Guan said the partnership with BNZ is intended to address these challenges directly through technology.
Small businesses are the backbone of New Zealand's economy, and timely access to credit is critical for their operations and growth. Our Merchant Flexi Loans enable us to deliver swift, innovative, and responsive cashflow lending solutions that meet the evolving needs of our small business customers. We're delighted to offer this simple and flexible solution and provide customers with another option for access to credit during critical moments in their business.
Karna Luke, Executive, Customer Products & Services at BNZ, noted that the launch responds to the needs of SMEs, describing the offer of a new lending product as a way of supporting businesses at key moments.
AvailabilityThe BNZ Merchant Flexi Loan, powered by RDC.AI technology, is now available to eligible merchant customers throughout New Zealand.
