Platinum Rapid Funding Group is a merchant cash advance company, providing working capital to small and medium size businesses nationwide. Established in 2012, its mission is to help businesses succeed by providing white glove service to merchants seeking rapid alternative financing. By harnessing manpower, technology, proprietary data, and utilizing a unique business model, Platinum Rapid Funding enjoys an advantageous position in the merchant cash advance space.
Platinum Rapid Funding’s underwriting and servicing systems were not comprehensive or flexible enough to continue growing the business. A majority of deals were entered into the system manually, with a large amount of work being completed on pen and paper. This often led to incomplete or incorrect data in the system. Additionally, Platinum lacked long term deal tracking features, as well as in-depth metrics on growth and development. Platinum’s executive team realized they needed to upgrade their system and remove these roadblocks to growth.
FUNDINGO is a lending management solution, created by industry experts, built natively on the Salesforce platform and designed specifically for Merchant Cash Advance (MCA) companies. It streamlines the entire process of originating, underwriting, and servicing Merchant Cash Advances. Unlike a hodge-podge of outdated and unconnected systems, each handling only a single element in the funding process, the FUNDINGO solution helps MCA lenders attract and close more deals. FUNDINGO accelerates the underwriting and loan servicing process, generates more pricing options, reduces errors, and ensures greater consistency. FUNDINGO features:
- Automation for the underwriting and servicing process
- Scalable and integrated systems
- In-depth reporting, analytics and deal tracking
- Affordability without sacrificing features
The FUNDINGO solution, developed and implemented by CloudMyBiz, replaced the legacy underwriting and servicing systems and streamlined the entire funding process. Customers were finally given the full complement of data and reporting capabilities needed to create long term projections and cash flows. Redundancies were eliminated and a majority of manual data entry was automated. Platinum’s funding process, from start to finish, became faster, more user-friendly and smarter.
These system improvements laid the groundwork for Platinum to rapidly scale and grow. Not only did Platinum report that their originations had nearly doubled from the previous year, going from $100 million in 2015 to $180 million in 2016, but they have continued growing steadily ever since.