US start-up Zikher launches online lending platform
San Francisco-based fintech start-up Zikher has unveiled its Software-as-a-Service (SaaS) platform for online lending as it targets small banks’ and credit unions’ business.
Mortgage and loan applications are done online and take 15 minutes to fill out. Customers can access their application to get real-time information about their loan or mortgage and talk to a financial advisor.
Freddy Beamen, vice-president at City National Bank, who also acts as an “advisor” to Zikher, says its “service can remarkably speed-up the lending process by building a real-time digital pipeline”.
The firm is aiming its products at credit unions, community and regional banks because they are “facing revenue challenges, insufficient loan demands, budget constraints, and the need for technological innovation”. Small banks have lost the market share to larger banks over the last few years, according to Zikher.
Zikher was founded in 2016 by Amir Khan, CEO, and is venture backed. Some of its funding has come from IBM’s incubator and Unbank Ventures, an incubator programme.