27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
The nominees for the 20th annual Banking Technology Awards were released last month. Among the companies shortlisted for the 2019 awards is small business lender Credibly, which is among the judge’s selection for the Best Use of IT in Treasury and Capital Markets award.
Other companies recognized in the category include legacy financial institutions like Morgan Stanley (NYSE:MS) and JPMorgan Chase & Co. (NYSE:JPM).
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“It feels great to be listed among these market leaders,” said Credibly Director of Marketing & Strategic Partnerships Jeffrey Bumbales when asked about the nomination. “Because of our securitization and investment-grade credit facilities, our ability to prove to the markets the quality of our assets and the robustness of our reporting and financial disciplines continues to pay dividends for the company.”
The nomination is the latest nod Credibly has received for the technology that underlies its small business financing. The small business lender was previously recognized in Benzinga’s own annual Global Fintech Awards as one of the Best Lending Platforms in 2018 and is in contention for the same prize in the upcoming 2019 awards.
This nomination from the Banking Technology Awards committee focuses specifically on the technology Credibly leverages in expanding and capitalizing its loan portfolio.
One major aspect of this is the Fintech’s Securitization & Warehouse Funding Project, which it undertook throughout 2018. According to materials from Credibly, the securitization and subsequent funding managed is projected to save the fintech $1M annually and reduced its cost of funds by more than 20%.
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Of course, the other aspect of Credibly’s capital market’s success is its underwriting technology, the centerpiece of which is its ReCap credit scoring model 4.0.
Ryan Rosett, Credibly’s Founder and Co-CEO, said of the fintech’s underwriting, “We leverage alternative data sources, predictive variables, and other internal models to more accurately measure business health and the probability of repayment—affordability, seasonality, and a multitude of other cascading models.”
The scoring model boasts proprietary data science methods to speed up the lending process and expand the scope of businesses that can successfully apply for funding. This technology allows Credibly to provide qualified applicants approval and fulfillment as quickly as same-day.
However, it is not solely technology making lending decisions. When discussing the nomination, Bumbales emphasized the necessity of thoughtful and personalized oversight in the scoring and approval process.
Bumbales explained, “On top of having an industry-leading scoring model, several humans touch each deal in order to identify room for improvement. That said, with the securitization we need to be more conscious of our portfolio distribution and concentrations.”
The winners from each category are set to be announced at the Banking Technology Awards on December 5 in London.
And for those who can’t wait to find out which fintech companies are making waves in the financial services world, The Benzinga Global Fintech Awards are scheduled for November 19 at New World Stages in New York City.
Credibly is a content partner of Benzinga
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.