Velocity Solutions, through its subsidiary, has completed the acquisition of almost of assets of a white label SaaS-based digital lending platform Akouba.

Akouba allows financial institutions to disburse loans swiftly and efficiently to small and medium-sized business (SMB) customers.

Akouba founder and CEO Chris Rentner said: “As consumer expectations continue to become more reliant on digital interactions, Akouba has positioned itself as the leading client experience platform for digital lending.

“We are excited to join Velocity Solutions, with their unique approach and position, to accelerate the adoption of digital lending technology.”

American Bankers Association (ABA) endorsed solutions innovation managing senior vice president Lisa Gold Schier said that the deal will increase financial stability of Akouba and enable it to fulfil banks’ third party due diligence requirements.

The overall SMB digital lending industry is expected to grow in the next few years supported with smooth processes and swift service.

A recent survey by ABA of 200 banks found that 83% of the firms aim to expand lending business over the next two years. Akouba intends to tap this market and support their growth with its solutions.

Rentner added: “This acquisition marks a big step in Akouba’s aim to provide financial institutions with the right platform to meet account holder expectations and financial institutions’ needs to reduce end-to-end time, maximise profitability of SMB lending, and to provide their account holders and staff with a better overall experience.”