18th October 2023 - Credit Connect

Nova Credit raises $45m to fund verification solution

18th October 2023 Company News |

Data analytics company, Nova Credit has announced it raised $45 million in Series C funding. The company says the funding to further broaden its product offering beyond cross-border credit reporting and scale Cash AtlasTM, the industry’s leading solution for cash flow underwriting and verification of income and employment. The expansion enables the company’s partners to grow within risk appetite by incorporating an expanded suite of open…

Business leaders wary of borrowing as interest rates rise

18th October 2023 Commercial Credit Management | #business leaders

Finance executives at leading British firms are more wary about borrowing than at any time since at least 2007, according to a survey by Deloitte. Against a backdrop of elevated interest rates, Deloitte’s Q3 CFO survey shows finance leaders continuing to focus on defensive balance sheet strategies. UK CFOs now rate bank borrowing as being…

Credit card spending debt increased by 8.7% in July

18th October 2023 Consumer Lending | #credit card debt

Latest figures UK Finance showed that there was an 8.7 per cent increase in outstanding balances on credit card accounts over the twelve months to July and 49.9 per cent of outstanding balances incurred interest compared to 51.5 per cent twelve months ago. There were 374.5 million credit card transactions in July, 8.5 per cent…

Personal loan customers count the cost of a poor credit score

18th October 2023 Consumer Lending | #credit reference #credit score

TotallyMoney has calculated the cost of a poor credit score for customers looking to lock in a personal loan. The research found that for the most commonly provided loan of £3,000, somebody with a poor credit score could pay an extra £2,668 in interest charges over 36 months, when compared to somebody with an ‘excellent’…

Economy predicted to avoid recession in 2023

18th October 2023 Commercial Credit Management | #recession

The UK should still avoid a recession, although GDP growth is set to remain sluggish for the remainder of 2023 and into 2024 amid headwinds from high interest rates and a weaker-than-anticipated labour market, according to the EY ITEM Club’s new Autumn Forecast. Following a better-than-expected start to the year, GDP growth expectations for 2023 have…

Food bank forecasts that 600,000 people will need support this winter

18th October 2023 Consumer Collections | #food banks

Food banks across the Trussell Trust network are expecting to provide more than one million emergency food parcels between December 2023 and February 2024 – the most parcels ever provided across this period. This equates to an average of one food parcel every eight seconds (11,500 a day) and 7,000 people seeking support each day.…

Sigma Connected donations £1,000 to Traveller Movement charity

18th October 2023 Company News |

Business outsourcing specialist Sigma Connected has donated £1,000 to a UK charity which ensures inclusion and harnesses community skills for Romani gypsies and Irish Travellers. Sigma Connected selected charity The Traveller Movement through an employee vote as part of its Community Foundation. Established in 1999 and formerly known as the Irish Traveller Movement, the registered…

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