In many ways, alternative lenders and traditional banks need each other. Borrowers may want the innovation, technology and speed of an alternative lending platform but will demand the trust of a big, familiar name in banking. For Nav, which offers credit assessment services for lenders, as well as a marketplace for borrowers to find a loan, top names like Bank of America have introduced that dynamic for small businesses that need financing. The addition of Bank of America on the Nav platform, announced earlier this month, now makes Nav the source with the most SME credit card and loan offers, according to CEO Levi King. Read more: pymnts.com
