FORT LAUDERDALE, Fla. – July 28, 2022 Velocity Solutions announces the launch of Akouba® Micro, an automated, digital business microloan platform. Akouba Micro is the newest addition to Velocity’s lending solutions for banks and credit unions, which currently includes Akouba®, a cloud-based SaaS business loan platform, and CashPlease®, a short-term, small-dollar consumer loan platform.
“Small business owners often face unique challenges when they need funding to grow their business,” said Mike Triggiano, EVP of Product Management and Corporate Development. “Traditional underwriting methods usually involve a credit check and records of historical cash flow—something that many small business owners cannot produce, due to fluctuations in business activity and unpredictable cash flow. When business owners need a small loan to bridge a gap in short-term liquidity, they need help quickly and easily. That’s why we developed Akouba Micro, specifically designed to provide small-dollar business loans quickly, efficiently and compliantly.”
Akouba Micro’s automated process does not use a credit score to determine loan eligibility. When business account holders apply for a loan, the Akouba Micro system calculates the borrower’s ability to repay the loan based on their transactional account history. This expands access to liquidity for business owners who may not qualify under traditional methods. The financial institution controls all loan parameters, including pricing and repayment terms, and the funds are deposited into the business borrower’s account within minutes.
To learn more about Akouba Micro, visit www.myvelocity.com/AkoubaMicro.
About Velocity Solutions, LLC
Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions is the leading provider of technology solutions that drive revenue, service and compliance for community banks and credit unions. Our Velocity Intelligent Platform® powers all of Velocity’s solutions, using machine-led intelligence that delivers powerful analytics, manages risk, and drives revenue, loans, account holder engagement and non-interest income to our client financial institutions. For more information, please visit myvelocity.com.