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Financial Management, Wealth Management

Centime Introduces New Working Capital Credit Solutions in Partnership with FNBO

PRnewswire | May 26, 2023 | Read time : 05:00 min

Centime Introduces New Working Capital Credit Solutions

Centime, a Boston-based fintech that offers comprehensive cash management and banking solutions to small-to-midsize businesses, today announced a new set of credit products in partnership with bank partner FNBO. Together, Centime and FNBO are joining forces to combine the modern convenience of online banking and credit solutions with the stability and trust of a 165-year-old financial institution.

"Businesses need well-priced credit solutions that can flex to meet their changing liquidity needs," said Carrie Zoucha, Vice President at FNBO. "With Centime, we're able to simply and easily allow customers to access short-term credit online, supported by the bank's resources."

In recent years, many small and mid-sized businesses have turned to online lenders, but a report by the Federal Reserve Bank of Cleveland cites concerns over their transparency on pricing, data privacy and product features. The report notes the critical role of credit, stating: "The Federal Reserve has an ongoing interest in small businesses and their access to the credit they need to succeed and grow."

As a fresh entrant into the online lending market, Centime's banking solutions combine the ease and accessibility of a modern fintech solution, while addressing the pitfalls called out by the Federal Reserve. With CentimeCredit, businesses benefit from:

  • Only paying for credit that is used

  • No prepayment penalties

  • No origination fees or monthly fees

  • No minimum periods

  • Ability to draw cash as needed or use the integrated AP Automation solution to pay suppliers directly

  • Visibility over their cash position on a rolling, real-time basis

  • Clear, upfront pricing, without hidden charges and fees or prepayment penalties

"We're proud to bring the ultimate flexibility and convenience to CentimeCredit customers, by giving them the freedom to pay virtually any expense with a card or credit line," said Sergio Tzianos, Chief Product Officer of Centime. "We've made the application process simple, the administration is convenient and modern, and it's all provided by a trusted partner in FNBO."

This latest addition to Centime's full suite of cash management applications is designed to round out its offerings on cash flow forecasting, AR and AP automation, and banking solutions. And it's a timely introduction, in the wake of recent turmoil in the banking industry that has many financial experts predicting an upcoming credit squeeze for SMBs.

"Securing cost-effective credit is an essential component of any cash management strategy, but in light of recent turmoil in the banking industry, now is an especially important time for CFOs to think about how to get that credit from a provider they can trust," said BC Krishna, CEO and Founder of Centime. "We're confident that FNBO is the ideal partner for that, and we're excited to join forces to give customers a convenient and modern user experience from a trusted bank partner."

About Centime

Centime, Inc. is a Boston-based fintech led by a veteran team of banking, payments, design and fintech professionals. We are bound by a shared desire to help small to mid-sized businesses thrive through strategic cash management and banking solutions. Learn more at www.centime.com

About FNBO

First National Bank of Omaha (FNBO) is a subsidiary of First National of Nebraska, Inc. (FNNI). FNNI and its affiliates have nearly $30 billion in assets and 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and Wyoming. Founded in 1857, FNBO has maintained its commitment to helping build strong communities for more than 165 years. Learn more at fnbo.com and connect with us on Facebook, Twitter and Instagram.

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