The intersection of finance and technology, known in the industry as fintech, does not necessary pit major banks against internet lenders, Stephen Sheinbaum, founder of online financing marketplace Bizfi, said Wednesday.
"I think you're going to see more collaboration and working with us as opposed to acquisitions," he told CNBC's "Squawk Box." "I think you're going to see the major banks and the community banks leverage our technology and our ability to make decisions in fractions of seconds, as opposed to the weeks and months it takes now."
Sheinbaum said his company strives to make the front end of the business loan process as "frictionless and seamless" as possible. "I think the fintech guys are going to be able to take as little information as possible from a business owner," and then use big data to get additional information about the borrower.