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.
About CIT
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.
MEDIA RELATIONS:
Donna
Choi
212-461-5731
Donna.Choi@cit.com
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SOURCE CIT Group Inc.