PORTSMOUTH, N.H., March 16, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Small Business Solutions group has been selected as winner of the "Business Lending Innovation Award" for its point-of-sale lending platform in the fifth annual FinTech Breakthrough Awards program. The recognition was awarded by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market.
Introduced as one of the market's first B2B digital lending solutions, CIT's point-of-sale platform simplifies and accelerates financing for business purchases of $2,500 or more, providing convenience and speed for qualified business customers.
"We are proud to receive our second FinTech Breakthrough recognition for our point-of-sale lending platform, which highlights our commitment to deliver technology-driven solutions to meet the unique needs of business owners," said Ken Martin, managing director of CIT's Small Business Solutions group. "This real-time, end-to-end financing solution is available 24/7 on any device, and we believe it transforms the business buying experience."
Since receiving a FinTech Breakthrough Award for "Best Small Business Lending Solution" in 2018, CIT's point-of-sale platform has been upgraded with enhanced digital features that make the B2B digital lending and payment process easier than ever.
Next-generation API technology enables equipment and technology vendors to integrate the lending platform into virtually any sales channel, including their existing B2B online e-commerce store.
Vendors can be live with the platform in minutes and are now empowered to provide real-time monthly payment quotes, get qualified customers approved, digitally design and select finance terms (generally 12 to 60 months), and automatically send electronic documents to customers for review and e-signature.
"We congratulate CIT for continuing to break through the FinTech space with their innovative financing solutions and services," said James Johnson, managing director, FinTech Breakthrough. "CIT's point-of-sale platform delivers a seamless experience with its anytime-anywhere, self-serve B2B lending features, and we are thrilled to recognize it for a second time with this award."
The FinTech Breakthrough Awards is an industry recognized awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2021 FinTech Breakthrough Award program attracted more than 3,850 nominations from across the globe. In addition to CIT receiving an award for its point-of-sale platform in 2018, CIT's national online bank, CIT Bank, has previously won FinTech Breakthrough Awards as the winner of the Best Personal Finance Company Award in 2019 and for its Savings Builder account in 2020.
CIT's Small Business Solutions group focuses on empowering businesses via technology-enabled solutions and market-leading structuring expertise. Small Business Solutions is part of CIT's Business Capital division, which provides equipment financing and vendor finance programs for small and midsized clients and their customers. Learn more about CIT's point-of-sale platform.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
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SOURCE CIT Group Inc.