Lendica Releases Embedded Finance Integrations for Shopify and Salesforce

Lendica’s embedded finance integrations are now available for Shopify and Salesforce.

With these new integrations, customers can use the PayLater and FundNow products to delay payments to their vendors or speed up collection from wholesale accounts, Lendica said in a Wednesday (Feb. 1) press release.

“We founded Lendica to optimize the borrowing experience for small and medium-sized businesses from the comfort of their favorite operating software,” Lendica Co-Founder and CEO Jared Shulman said in the release.

Embedded finance allows businesses to offer sophisticated payment and banking services directly to their customers and suppliers, removing many of the historic frictions associated with B2B payments, especially as these transactions are typically made in real time.

PYMNTS research has found that companies could bring their vendors and partners many of the same benefits that consumers enjoy by upgrading their B2B payment offerings with embedded finance options, thereby gaining significant advantages over their competitors.

For example, implementing embedded finance could enable businesses to offer streamlined, frictionless access to digital payments without the need to send partners to third-party portals or platforms, as well as financing and extended warranty options, making the B2B payment process more efficient and less costly for both parties, according to the “Embedded Finance Tracker®,” a PYMNTS and Galileo collaboration.

Lendica’s embedded finance products promote faster funding and better rates and are powered by its underwriting software, Lens, which allows applicants to share data that it then uses to predict default quickly and more accurately, according to the press release.

The products can be integrated with a growing list of enterprise resource planning (ERP), point of sale (POS), marketplace and other applications that help operators manage their businesses, the release said.

“The power of Lendica’s Lens is its ability to input many different datasources and fit them to a universal schema, or Token,” Lendica Co-Founder and Chief Technology Officer Jerry Shu said in the release. “This allows us to underwrite a business based on their real-time revenues and costs instead of bank balances and transactions. Lendica can be plugged into any operating software, whether Salesforce, Shopify or an independent ERP, and leverage the same Token.”