INNOVATION – BEST COMPANY IN EQUIPMENT FINANCE
QuickFi is an embedded finance platform that offers nearly instant self-service equipment financing to small and medium-sized businesses at the point of sale. With technology patented in the U.S. and Canada and patents pending globally, QuickFi serves banks and original equipment manufacturers by enabling 24/7 financing, as borrowers can take advantage of QuickFi’s self-service capabilities to upload equipment invoices, select financing structures, view interest rates and monthly payments, and complete transactions with a single digital signature. All lease and loan servicing and support is conveniently completed by the borrower in the mobile application.
While the QuickFi platform creates a superlative purchase experience for borrowers thanks to its speed and ease of use, it also offers major advantages to its global original equipment manufacturer and bank partners. For example, QuickFi currently works with an OEM that serves the entire U.S. and Canadian markets, including an extensive dealer network and direct corporate sales team. Yet, the OEM has only three full-time finance employees, relying on QuickFi to provide nearly all operational, servicing and support capabilities. Thanks to the QuickFi platform, the OEM can operate a national commercial lending business with only three
employees.
“Global OEMs select QuickFi to make it easier for their customers to buy from them. Quickfi delivers a nearly instant, borrower self-service, secure experience at any time of the day or night,” Bill Verhelle, founder and CEO of QuickFi, says.
Partners who use the QuickFi platform can reduce equipment sale cycle time, creating an improved customer experience and reducing costs by more than two-thirds. To ensure it delivers on those promises, QuickFi regularly evaluates customer, partner and internal feedback to improve the platform. In addition, QuickFi’s staff was organized with cross-functional teams in a flat structure to ensure ideas from every part of the organization influence product design and service.
Verhelle is a longtime veteran of the equipment finance space and the founder and former CEO of First American Equipment Finance. He founded QuickFi in 2018 to address the changing industry landscape, both in terms of customer expectations and OEM and bank partner needs. As the equipment finance sector rapidly adapts to emerging technologies and changing customer preferences, QuickFi will continue to develop solutions to keep bank, technology and OEM partners operating on the most efficient business model and employing the latest technology while always meeting fast-changing disclosure and compliance requirements.
New ideas, markets and business models are often met with caution. Challenging the status quo is difficult, as businesses are guarded in protecting their current interests; however, the risk of being left behind is also a concern. “The pace of change will continue to increase. We should recognize we are not alone,” Verhelle says. “Most industries face different variations of this new business environment. As business leaders, we believe our most rational response is to anticipate rapid future change and capitalize on the opportunity it brings. At QuickFi, we do this by structuring our organizations to embrace change.”
QuickFi’s mission to transform the equipment finance market was ahead of its time in 2018, when the company commenced product development. In the years since, consultancies like Accenture, Bain & Company and McKinsey & Company have all reported on the transformative power of the embedded finance business model, detailing what the QuickFi embedded finance platform has been able to bring to market with global acclaim. •
