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14th April 2020

Fintech companies say they can help to get funds to struggling businesses

Many Fintech companies that have access to clients bank accounts via things like wage advances, invoice discounting, payroll services, direct debit services have offered their help to the Treasury.

The Fintech entrepreneurs say the sector can support big banks in doling out government support loans. Traditional lenders have so far been overwhelmed by loan applications from small businesses.

Anil Stocker, from Marketfinance, said; “We touch a lot of businesses, we have very fast underwriting, we’ve got a proven track record — we tick a lot of the boxes.”

Other lenders wanting to hand out these loans are Iwoca, Funding Circle, Oaknorth and they have applied to be part of the CBILS

Unfortunately, despite all the publicity surrounding these Fintech companies, they still only lend a fraction of the money that more established lenders do. Can they upscale quickly enough?