Credibly, a small-business lending company that’s issued more than $1 billion in loans, is using image verification technology from tech company Truepic to save money and speed up its application process.  

Ryan Rosett, founder and co-CEO of Credibly, said the objective is to reduce friction for Credibly’s customer base, and ultimately allow the business to focus on making decisions and funding deals.  

According to Rosett, some small businesses applying for loans through Credibly must submit pictures to verify their inventory or location. In the past, Credibly had to send a contractor to the small business office location to take pictures, but Truepic allows small businesses to satisfy this requirement through smartphone photos. Rosett said a process that used to take as long as 48 hours can now be completed in minutes. 

See also: Credibly teams up with Wirecard for instant funding, better customer data

Small businesses using Truepic receive a text message with a link. When merchants open the link, they answer 10 to 15 questions and then take the photos that are part of their loan applications. Truepic uses geolocation technology to help satisfy Credibly’s underwriting requirements. According to Rosett, about 15% to 20% of Credibly’s applicants are asked to submit pictures. He said the cost of the verification service they used previously depended on the location of the business, and estimated the average cost was around $75 per applicant compared with about $50 for Truepic. 

Founded in 2010, Credibly is based in Southfield, Mich. The company uses data from credit reports to underwrite small businesses, as well as data from social media, and review platforms like Yelp. Rosett explained that Credibly does not look at the reviews but at whether the business has closed or changed management over time.  

The company offers working capital loans, business expansion loans and merchant cash advances for loans that range from $5,000 to $400,000, and between three and 24 months. Rosett said the lowest APR is 9.99% and the highest is 99%. The digital platform offers same-day funding, and Rosett said the application process takes less than four hours. 

Truepic is a San Diego-based photo and video verification platform that was founded in 2016. In addition to working with Credibly, the company works with OnDeck, Jewelers Mutual and Safe-Guard.

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