TD Bank says it is the first top-10 U.S. bank to work with BizEquity in a new service to help small businesses value their operations.
A press release Wednesday (June 27) said TD Bank and BizEquity are teaming up on small business valuation services. SMB clients of TD Bank have access to a digital application to see their valuation data in real-time, while BizEquity's technology calculates that valuation based on current, fluctuating market factors.
According to TD Bank, this service typically costs thousands of dollars for businesses, but the bank is offering it for free.
Business owners obtain their valuation reports from TD Bank relationship managers, and can use the information to benchmark and gain insight into their firms' performance.
"Our association with BizEquity allows our relationship managers to provide insights that deliver on our goal to provide trusted advice to business owners that enables them to more accurately develop short- and long-term goals," said TD Bank Executive Vice President and Head of Commercial Banking Chris Giamo in a statement.
"We are very proud to be working with TD Bank, one of the leading banks in North America, to provide this value-added service to the nation's millions of small and mid-size business owners," said BizEquity Founder and CEO Michael M. Carter in another statement. "Without proper valuation knowledge, many of these business owners will not be adequately funded or have the right wealth or succession plans in place. Together, we are helping to democratize this important knowledge for small and mid-sized business owners from Maine to Florida."
In an earlier partnership with a third-party technology player, TD Bank revealed last year a collaboration with Kasisto, an artificial intelligence chat technology firm, to power TD Bank's KAI Banking conversational AI platform. Their pairing aims to enhance the mobile experience for customers as part of its broader "Bank Human" strategy.