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Fintech lenders have built new, automated ways of assessing businesses and issuing loans, offering small businesses digital and more efficient ways to access funding than walking into a bank branch. That tech is appealing to incumbents, which have be slower to adopt new trends.
"Given the importance of small business lending during COVID-19, we expect to see more incumbents acquire fintechs to expand their products and services that can be cross sold to their large customer bases," Travis Skelly, director of venture investing at Citi Ventures, told Business Insider via email.
https://www.businessinsider.com/amex-kabbage-small-business-lending-consolidation-2020-8
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