Credibly with Ryan Rosett | E348

Workflow and AI powered lending.

In this episode of Fintech Impact, Jason Pereira interviews Ryan Rosett, co-Founder and co-CEO of Credibly, a lending platform designed to facilitate small business loans ranging from $5,000 to $600,000. Ryan discusses the origins of Credibly and highlights their objective to address banking challenges faced by small businesses. He elaborates on the company's unique approach to assessing loan credibility, focusing on cash flow and customer service. The conversation further delves into Credibly's advances in technology, notably utilizing generative AI to enhance industry classification and loan processing efficiency.

Episode Highlights:

  • 00:09: Introduction to the podcast and guest, Ryan Rosett, co-founder of Credibly.

  • 00:27: Ryan Rosett expresses appreciation for the invitation.

  • 00:29: Introduction of Credibly and its function as a FinTech lending platform.

  • 00:32: Overview of Credibly's mission and target market, detailing loan sizes and processing.

  • 01:20: Background on why the founders established Credibly and their approach to lending.

  • 01:27: Insights into the experiences and motivations of the company founders.

  • 02:28: Original problems faced by small businesses in obtaining credit from banks.

  • 02:36: Challenges small businesses face with traditional banking and how Credibly addresses this.

  • 03:51: A explanation of bank lending barriers and socio-economic impacts of COVID.

  • 04:40: How Credibly’s method alleviates small business concerns and hurdles.

  • 04:40: Ryan elaborates on the application and evaluation process at Credibly.

  • 05:32: Discussion of Credibly's lending evaluation factors beyond credit scores.

  • 06:19: Insight into Credibly's automated lending process and risk-based pricing.

  • 06:54: Value propositions of Credibly, including speed and ease of use.

  • 07:43: Details on Credibly’s transparency and rapid response throughout the lending procedure.

  • 08:19: Contrasting traditional banking processes with Credibly's streamlined model.

  • 09:07: A customer perspective on banking's small business biases and preferences.

  • 09:47: Why traditional banks aren’t equipped to handle small business lending demands.

  • 10:20: Feedback from customers on Credibly’s loan procedures and service quality.

  • 11:27: Larger loan evaluations using tax returns and their impact on eligibility.

  • 12:47: Industry-specific customization in evaluating loan risk and profitability.

  • 13:38: Credibly's breadth in industry service, extending across 300 sectors.

  • 14:18: Application of generative AI to better understand and classify industries.

  • 15:37: AI’s role in improving industry identification and operational efficiency.

  • 16:50: Plans for streamlined user experiences through digital transformation.

  • 17:52: Introduction of online checkout for faster loan approval and funding.

  • 18:38: Advancements in Credibly's data science and loan risk assessment models.

  • 20:05: Insights on how Credibly approaches managing loan default probabilities.

  • 20:47: Continuous improvement of Credibly’s lending models to include smart decision-making.

  • 21:43: The importance of transparency in lending operations and client relationships.

  • 22:03: Challenges faced by Credibly due to the pandemic and interest rate fluctuations.

  • 23:09: Excitement about current technological advances and future growth prospects.

Key Points:

  • Credibly simplifies the lending process for small businesses, focusing on efficiency and customer experience.

  • They emphasize cash flow rather than credit score as a deciding factor in loan approval, enhancing accessibility.

  • The company's use of generative AI aims to improve industry identification for better financing offers. Credibly continually evolves its risk assessment models to refine the accuracy of loan approvals and pricing. 

Tweetable Quotes:

  • "We're offering an easier way for small businesses to access credit." – Ryan Rosett

  • "Transparency to me is the key factor for us in terms of how we act as a company." – Ryan Rosett

  • "If you have a good business generating free cash flow, we're interested." – Ryan Rosett

  • "The mantra here is: how do we say yes more often?" – Ryan Rosett 

Resources Mentioned:

Fintech ImpactJason PereiraFintech