Credit, Collections & Insolvency News
Investment firm Fintex Capital, has launched an innovative suite of buy-now-pay-later (BNPL) lending products aimed at established businesses seeking smart and cost-efficient debt financing and new avenues of growth. Over the past six months, Fintex has developed a range of bespoke BNPL products for creditworthy businesses, to help them access new markets and unlock value…
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Gross lending to SMEs was £5.2 billion in Q2 2021, down from £7.6 billion in Q1 2021, reflecting declining demand for new funding and falling applications according to latest analysis by UK Finance. The research showed that weaker demand led to gross lending continuing to decline across all regions and sectors. Whilst repayments accelerated in…
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New research from Aldermore bank shows small and medium-sized enterprises (SMEs) are more confident in growing their business since lockdown restrictions have eased, as they reveal the amount they plan to invest in their business’ has risen 190% to £283,500, up from £97,719 in February. Two out of five SMEs will spend on new equipment…
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New figures released by the Finance & Leasing Association (FLA) has show that total asset finance new business (primarily leasing and hire purchase) grew by 3% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business was 24% higher than in the same period in 2020.…
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Banking and specialised financing software specialist, Sopra Banking Software has announced that its Sopra Financing Platform (SFP) pricing engine, Freehand is now available as Software-as-a-Service REST API. Currently, live with a major Asset Finance lender, the SFP Freehand Connect API provides access to the same rapid and accurate pricing calculations trusted by the industry right…
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Analysis by Innovate Finance has found that the pandemic had reversed years of growth among alternative lenders and resulted in large banks significantly increasing their market share. The fintech industry body said the emergency Bounce Back Loan Scheme saw £47.3 billion worth of state-backed credit channelled to more than 1.5 million companies. However, because non-bank…
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Non-bank lender, Enra Specialist Finance has launched a new underwriting and case management system for its bridging finance product. The new platform has been built by Enra’s in-house team for its West One bridging business. The aim is to enhance the origination journey with improved data capture, automated document production and underwriting control. The new…
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Over two thirds (66 per cent) of small and medium sized enterprises (SMEs) have said they felt let down by their banking provider during the Coronavirus pandemic, according to a new survey. The data, collated by researchers from the Parliament Street Think Tank, indicates that the disconnect between businesses across Europe and financial services organisations…
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Small business lender, iwoca has launched a cash advance product on Funding Xchange for small business online sellers. iwoca will be the first lender in the use Open Banking to offer fully automated revenue-based repayments to e-commerce businesses with a business bank account on the marketplace. Small business owners operating on platforms such as eBay…
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The finalists for the fifth annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect Media will host the Awards ceremony as a face to face event at the Midland Hotel, Manchester on Thursday 4th November. This year’s…
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Lenders could see the time they spend processing the average loan reduce by more than 85% with the adoption of Open Banking technology, according to research from Yolt Technology Services. The company says at present, lenders process an average of 6,258 loans a year, with each single loan taking 3.5 hours for the business to…
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Small business owners are feeling upbeat about the prospect of trading getting back to normal but are still struggling with their mental health and finding financial support, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN). All owners reported that business trading is at the…
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New data from small business lender specialist, iwoca has revealed how embedded finance will play a vital role for small businesses as they look to recover from the pandemic. In Q1 2021, iwoca data shows that 50% of customers who applied through an embedded finance partner received a lending decision in less than two minutes,…
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