What is Fintegra? | Fintegra Review

Fintegra is an alternative financing firm that provides short-term funding to small businesses to fuel their growth and sustain their success.

The New York-based company distinguishes itself from its competitors through its disciplined, data-driven underwriting and proprietary technology.

This in-depth review will help you determine if Fintegra is the right type of business funding for you.

Who owns Fintegra?

Fintegra was founded by Bret Dunlap, a serial entrepreneur who is also the company’s president. Bret holds a Bachelor’s in Economics from James Madison University and an MBA in Finance and Investments from George Washington University.

Bret has co-founded numerous technology companies over the last 30 years. Prior to founding Fintegra in 2014, he founded a mobile technology company called Advanced Mobile. Autobytel acquired Advanced Mobile in 2013.

Other Notable Fintegra owners include Roger W. Ferguson Jr. (Advisor and Investor) and Tom Petro (Board Member and Investor).

Roger holds a Bachelor’s and a PhD in Economics from Harvard University. His long and distinguished resume includes serving as Vice-Chair of the Federal Reserve (1997-2006), Chairman of Swiss Re America (2006-2008), President and CEO of Teachers Insurance and Annuity Association – TIAA (2008-2021), and Partner with McKinsey & Company.

Roger serves on the boards of many for-profit and non-profit institutions, including Klarna, Alphabet, Corning, and The Aspen Institute.

Tom is the Managing Partner of 1867 Capital Partners – a venture capital firm focused on early-stage fintech, life sciences, and tech-enabled business services companies.

The two-time Ernst & Young Entrepreneur of the Year Finalist was the founder and CEO of Fox Chase Bancorp and spearheaded its initial public offering. Before that, Tom was President and CEO of Northeast Pennsylvania Financial Corporation. He is also a former board member of the American Bankers Association and past chairman of the Pennsylvania Bankers Association.

The Fintegra story

Fintegra was founded as Yes Lender in 2014 to address the slow and arduous process of securing small business loans.

The data-driven finance company disrupted the small business financing space with its accessibility and speed. They offered flexible financing options that were easier to navigate than traditional banks and provided funds in days.

Yes Lender’s acquisition of Edge Funder, a fintech startup using AI-based risk assessment tools, was quickly followed by its rebranding to Fintegra in November 2021.

Fintegra’s name resulted from combining ‘fintech’ with ‘integrity. The name serves as an everyday reminder to Fintegra’s colleagues and customers of their mission and values, which they take very seriously.

On March 2, 2022, Fintegra secured a $30 million credit facility from Bastion Funding to help the company address the growing demand from small business owners for fast and reliable access to working capital.

The innovative private investment firm provides creative financing solutions to small and mid-sized businesses that operate in the alternative finance space all over North America.

How does Fintegra work? How do they make money?

Fintegra provides small business working capital to help them grow. The company allows businesses to borrow against future earnings to access the capital they need today.

Fintegra allows you to apply for unsecured working capital for amounts ranging from $10k- to $250k with no collateral required.

Because you’ll be required to make a daily (or weekly) direct debit from your business account, it pays to consider your cash flow consistency. As of April 2022, Fintegra only works with businesses with average monthly revenue of $10k or more.

Funding is done in the form of a lump-sum payment to a business in exchange for an agreed-upon percentage of future bank deposits or future credit/debit card sales.

How do I apply for Working Capital with Fintegra?

You can sign up for an account on their website and fill out a simple and secure one-page online application in a few minutes.

You’ll be asked to provide your full name, phone number, company name, business email, time in business, monthly revenue, and requested amount.

Once Fintegra receives the required business checking account statements, approval typically occurs the same day.

If approved, Fintegra will present you with a funding offer. Once you accept the offer and sign an agreement, the company will wire the funds to your business account within 24 hours, or even the same-day funding.

You’re free to use the funds as you see fit to strengthen your business—purchase materials, stock on inventory, cover expenses, open a new location, or hire additional staff.

Fintegra Statistics

Since 2014, Fintegra has fuelled hundreds of small businesses across the United States with the working capital they need through a highly transparent, ethical, and empathetic funding process.

Fintegra Team

Fintegra’s team of professionals is passionate about helping small business owners achieve their dreams and seeks to become the ideal funder of every small business in the United States.

Because they have owned and operated several small businesses over the past three decades, they fully understand the frustrations surrounding traditional lenders. In response, they planned and developed a faster, less complicated way for small business owners to get the funds they need.

Merchant Cash Advance (MCA) | Fintegra Review

Fintegra provides cash advances directly to small businesses.

Upon receipt and preliminary approval of a merchant’s completed application plus 3 months’ worth of bank statements showing over $10k per month, Fintegra begins its efficient underwriting process.

Once approved, Fintegra organizes an automated ACH withdrawal from your bank checking account, and daily remittances begin immediately.

If you’re a merchant with multiple businesses, Fintegra can provide funding for your businesses. While you’ll not be asked to submit personal information again, you’ll be required to deliver business checking account statements for your other business.

Can startups get business Merchant Cash Advances?

No.

While they may qualify for a business loan, credit card advance, or business line of credit, startup businesses cannot get a business merchant cash advance for the simple reason that funding is based on borrowing against future earnings to get that capital today.

Startups typically lack a consistent record of earnings. Daily sales and business checking account statements may be inadequate to support approval.

Personal loans and start-up funding are not yet part of Fintegra’s offered products, but the company promises to offer more options soon.

Will applying for Merchant Cash Advance impact my personal credit score?

No.

Fintegra runs a “soft pull” of your credit report, which provides them with the insights they need to underwrite your file without affecting your credit score.

Paying on time, on the other hand, will help improve your business’ credit score since Fintegra sends Experian a report of your payment history every month.

The higher your credit score is, the more chances you have of getting more funds in the future.

Benefits of Fintegra’s Merchant Cash Advance

Small business loans are normally paperwork intensive and can take 60-90 days. This means that in most situations, they’re not well-suited for small business owners who need the cash right away.

Fintegra’s merchant cash advance has the following benefits:

Easy approval process – Fintegra has a matrix approach to underwriting that typically takes under 24 hours. The underwriting includes a credit check, criminal check, bank statement review, social media reviews, UCC filings, and physical site visits.

Quick access to funds – Fintegra’s merchant cash advances are typically funded faster than other small business financing options.

Suitable for wide-ranging business purposes – It’s not just working capital. You can get an advance to finance just about any small business needs, including inventory business expansion, equipment, and more.

Accessible to businesses with bad credit – You can easily qualify for Fintegra’s merchant cash advance even with bad business credit. Fintegra is typically more concerned about the number of transactions your business processes each day.

Account Management | Fintegra Review

Fintegra aims to make account management as simple as it possibly can.

How can I see my account balance?

Once you sign your contract, Fintegra will send you a link to their secure customer portal. Here, you can view info such as your account balance and payment schedule from anywhere in the world and at any time.

How do I send payments?

Fintegra will automatically charge payments daily or weekly straight from your business bank account via ACH.

Is it possible to apply for more funds? Can I apply for additional funding if I have another business?

Yes and Yes.

The company values a long-term relationship with their customers.

You’ll not have to submit personal information again – just the same information for your other business.

Is there a pre-payment penalty?

No.

On the contrary, Fintegra offers substantial discounts to merchants who use their funds for a period way shorter than what was contracted

Fintegra Plans and Fees | Fintegra Review

Fintegra doesn’t have different plans/tiers for business owners. Funding is done in the form of a lump-sum payment to a business in exchange for an agreed-upon percentage of future bank deposits or future credit/debit card sales.

Instead of a traditional interest rate, Fintegra charges its fees as a factor rate.

The company’s factor rates typically range from 1.1 to 1.5, varying based on their assessment of your business. Your business financials, personal credit score, industry, years in operation, and debit/credit card transactions may all determine the factor rate you receive.

The lower the factor rate you receive, the lower the fees you’ll pay. Calculating your total repayment amount is easy; just multiply the cash advance by the factor rate. If, for instance, you’re approved for an advance of $25k and receive a factor rate of 1.2, your total repayment amount will be $30k, which means you’ll be paying $5k in fees.

Fintegra Pros and Cons | Fintegra Review

Pros

• Quick application process/Less documentation required
• Merchants can apply for single or multiple businesses
• Industry-leading pre-payment discounts
• Same-day approval
• No hidden fees
• Get up to $250k with no collateral
• You choose how to use the funds
• A team that’s there for you

 Cons

• Requires recent copies of your business’ bank statements
• Shorter repayment periods
• Frequent (weekly or daily) repayments hurt cash flow
• No federal regulation
• High APR

Is Fintegra Legit? | Fintegra Review

Fintegra is a market leader committed to providing the best financing solutions with integrity, transparency, and trust.

The company has a 4.8 (Excellent) rating on Trustpilot.

Is Fintegra Safe? | Fintegra Review

The company understands the importance of personal privacy.

Fintegra uses the information they collect about you or that you provide them to: verify your identity, process your financing request, measure credit and payment risk, contact you regarding a matter you requested to discuss, improve and personalize their products and/or services, and meet their legal obligations.

When Fintegra collects your personally identifiable information online, they put measures to protect it from unauthorized access.

Is Fintegra Regulated? | Fintegra Review

Merchant cash advances are considered commercial transactions and not loans.

This means that MCAs are not subject to the same federal laws (like the Truth in Lending Act) that traditional commercial lenders are supposed to adhere to.

Fintegra is instead regulated by the Uniform Commercial Code.

Fintegra Customer Support | Fintegra Review

Fintegra seeks to build a long-term, trust-based relationship with all customers by putting their best interests ahead of their own financial gain.

The team at Fintegra take their company’s name seriously and holds itself to the highest standard of ethics in everything they do.

If you have an issue or query, you can email Fintegra at [email protected] or call them at (800) 316-9707. Their friendly and experienced staff will be more than glad to assist you.

Who Are Fintegra’s Competitors? | Fintegra Review

Fintegra’s competitors include Blursoft, Credibly and Fora Financial.

Blursoft offers to fund up to $500k with factor rates as low as 1.2 and terms up to 2 years. Once your application is approved, you’ll receive the cash in just 24 hours. But unlike Fintegra, which is a direct lender, Blursoft.com is a matching service that links applicants with lenders and third parties.

Credibly allows small businesses with 6 months in operation, a personal credit score of 500+, and $15k in monthly revenue to qualify for up to $400k in funding. You can apply online and get funded in 48 hours, but you’ll have to pay a 2.5 per cent origination fee and deal with a higher APR.

Fora Financial also requires 6 months in business and has an origination fee, but the company offers up to $750k for a merchant cash advance, which is way higher than other competitors in the merchant advance game. Once approved, you’ll receive funds within 72 hours.

Fintegra Review Verdict:  Should I Use Fintegra? | Fintegra Review

If you have less than stellar credit but still want to enjoy a fast, easy and flexible funding process with no hidden fees, collateral or pre-payment penalties, you can give Fintegra a try.

There are no limits to how you can use your funds for your business, but you’ll likely pay for the convenience in higher interest rates.

If you can’t repay, it could put you in serious legal and financial trouble. Merchant cash Advance, therefore, should strictly be a short-term solution.