Citizens partnership nets FinXTech award for digital-lending platform

PROVIDENCE – Citizens Bank has won a 2018 Best of FinXTech Partnership award for a small-business digital-lending platform it launched along with Fundation, a small-business lender based in Virginia, the bank announced.

The platform makes applying for business loans up to $150,000 easier and more convenient, said Jack Murphy, president of Citizens Business Banking. “We’re honored to be recognized for our continued efforts,” he said.

“This recognition reaffirms our belief that partnership is a great catalyst for innovation,” said Sam Graziano, CEO of Fundation, “an incredible platform that provides a frictionless, end-to-end customer experience.”

Fundation offers credit to business owners that may not meet bank-credit guidelines, the group said, allowing Citizens to serve more customers.

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Promoting innovation is a target of the Best of FinXTech Awards, which are presented by Bank Director, an educational resource for financial institutions, and Promontory Interfinancial Network, a bank product and services provider. Along with this focus on innovation is the idea that bank initiatives created in collaboration with fin-tech companies can lead to upgraded efficiencies, according to the awards press release about the event.

The awards were announced earlier this month at the FinXTech Annual Summit in Scottsdale, Ariz.

Citizens Bank is a subsidiary of Citizens Financial Group Inc. headquartered in Providence.

Susan Shalhoub is a PBN contributing writer.