Capital is the lifeblood of any business. Lenders are rethinking the way businesses access the capital that they need, but the infrastructure to power these underwriting models is lagging. Unlike consumer lending which is highly reliant on credit scores, business lending relies on core business and financial metrics like cash flow, revenue, and customer relationships. Basis is building the infrastructure to access and analyze that critical data.
40% of businesses apply for credit each year.
This process is laden with statement uploads, personal credit checks, and subjective judgment calls. Further, it can take many weeks to finally be approved. Many lenders are trying to innovate on the application and underwriting process, but data collection and analysis remains fragmented and tenuous.
The mission of Basis is to power the next generation of business lending.
Product
Originating a business loan typically involves four steps of evaluation:
- Fraud checks
- Know-your-business (KYB) diligence
- Understanding the business’ propensity to pay
- Determining the business’ ability to pay
Ability to pay is the most complex evaluation and requires building strong financial models on top of high quality data. This has historically required significant human intervention and thus has driven long origination times and high underwriting costs.
Basis is building easy-to-use Cash Flow Profiles for B2B lenders to determine a business’ ability to repay a loan.
The product includes robust connection management to ensure that data always stays up-to-date to reduce the risk taken on by lenders and minimize operational burden of borrowers. The underlying data comes from operational systems (e.g. banks) and does not require any human intervention, unlike other sources like accounting systems.
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Join the team!
We are a team based in SF. We just raised $6mm and are hitting the ground running. We love whiteboard sessions, so we have an office that we collaborate in. That said, we also appreciate the focus and flexibility of working from home so we have a hybrid model of 2-3 days per week in office.
We are looking for engineers excited to join a small team and work on a real-world problem that customers want today. You’ll be a great fit if you enjoy going deep on problems, both when building product and in your hobbies, and want the latitude to own big portions of a product being built from scratch.
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