NEW YORK, May 7, 2018 /PRNewswire/ -- FinTech Breakthrough, an independent organization that recognizes the top companies, technologies and products in the global FinTech market, today announced that it has selected CIT's point-of-sale digital platform as the winner of its "Best Small Business Lending Solution" award. The platform allows business customers to finance their purchases at the point-of-sale in as little as five minutes.
"We congratulate CIT on their 2018 FinTech Breakthrough Award distinction," said James Johnson, managing director, FinTech Breakthrough. "The point-of-sale platform delivers a seamless experience to small business customers who may want to finance or lease their purchases. As a bank focused on offering financing solutions for small and midsized businesses, they are leading the industry with this technology."
CIT's point-of-sale platform finances B2B purchases of more than $2,500. An automated credit process and mobile document signing, simplifies the financing experience enabling customers to shop, apply and complete purchases either in store or online.
"We are proud of this recognition from FinTech Breakthrough for our innovative, point-of-sale financing solution," said John Paradisi, chief growth officer and head of business development for CIT's Business Capital division. "For many small business owners, financing is critical not only for running the business, but also for pursuing opportunities to grow. We've created this technology to streamline the financing process. It's extremely rewarding to help our customers succeed, as their success is ultimately our success."
CIT's Business Capital division empowers small, mid and large cap businesses by providing financing solutions via technology-enabled platforms and market leading structuring expertise. This includes its small business lending unit, Direct Capital.
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2018 FinTech Breakthrough Awards program attracted more than 3,000 nominations from across the globe.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.mediaroom.com/email-alerts.
About FinTech Breakthrough
FinTech Breakthrough, part of the Tech Breakthrough Awards organization, is an independent awards and recognition platform 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 www.FinTechBreakthrough.com.
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