Snap Finance Partners with BMO Harris Bank to Expand Rent-to-Own Financing
Snap Finance, a provider of rent-to-own financing to customers of e-commerce and brick-and-mortar merchants, has announced partnership with BMO Harris Bank to service more than $1 billion in RTO financing agreements. Snap Finance currently serves more than 10,000 merchant partners and approves up to 80 percent of customers who typically are denied credit through traditional financing methods.
“The financing provided by BMO Harris Bank strengthens our business model and our already-solid financial footing,” says Matt Hawkins, the company’s founder and CEO. “More importantly, this will allow us to help even more businesses grow as we approve more customers for financing.”
Snap Finance’s use of a proprietary artificial intelligence platform, Snap AI Verification Engine (SAVE), to reduce risk was a key factor in determining the partnership. SAVE instantly reviews hundreds of data points allowing Snap Finance to assess consumer performance more accurately and render faster agreements compared to traditional underwriting techniques.