Jet Hastens SME Funding Through Bank Data

Plaid’s bank account authentication and data services are coming in handy to more corporate finance players.

On Thursday (April 21), the company announced a new partnership with Jet Business Loans, an online corporate FinServ player. The deal sees Plaid integrating its authentication and bank data capabilities into Jet to streamline businesses’ access to funding into their bank accounts.

“At Jet Capital, we understand that, for many businesses, immediate opportunities and unforeseen expenses don’t always align with cash flow,” said Jet Capital CEO Kenneth Wardle in a press release. “By partnering with Plaid, we’ve further updated our process to provide the capital they need as soon as the next business day.”

A deal with Jet follows an announcement last month that Plaid is linking up with Invoice Central, another online portal to link businesses to accounts payable services. The joint venture also sees Plaid providing bank account verification services to help Invoice Central speed up client onboarding times.

In addition to the collaboration with Plaid, Jet Capital also revealed an expansion of its corporate finance offerings into Florida. The company’s CEO also pointed to the 400,000 small businesses in the Florida market that offer the platform a chance for more business.

Jet added that it plans to announce future enhancements to its platform, though did not specify when it could reveal those upgrades.

Bank data is key for alternative FinServ players, but some of the largest financial institutions are now in a battle with bank data aggregators, with some banks cutting off their data supply in an effort to preserve customer privacy.