Fintechs turn attention to India to drive growth
Fintechs turn attention to India to drive growthFeb 18, 2021
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New tech-based partnership for Propel Finance with high-street giant BarclaysPropel Finance, a UK-based specialist asset finance lender, has announced its first high-street bank collaboration with Barclays in an effort to significantly expand its reach across the UK small business landscape. The partnership will see Barclays’ one million SME customers gain access to an online platform for asset financing solutions through its UK Business Banking Network – of which Propel is now a part – and is aimed at SME clients with up to £6.5 million turnover and agriculture clients with up to £25 million turnover.
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Pandemic sparks efficiency surge for finance professionals, says new research by OnguardSome 66% of financial professionals reported working more efficiently since March due to home working and the rapid digitisation that became necessary as the lockdown went on, according to new research by fintech company Onguard. The survey into the impact of the pandemic on the finance sector revealed that the pandemic was the primary factor that sparked this surge in efficiency. However, it was not the only factor. Some 71% of respondents agreed that their department was able to adjust to home working within just a few days.
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Onguard supports finance industry to drive cashflow that will underpin future growthAs economies restart following global lockdowns caused by Coronavirus, cashflow will be vital for many businesses. The finance industry faces a delicate balancing act; long-term growth will depend on answering the funding requirements of customers who need finance, but payments need to resume from current customers emerging from a payment freeze, who may need ongoing help in the face of the ongoing business disruption caused by the pandemic. Executives at Onguard, the fintech specialising in the order to cash payment process, believe their business has a critical role to play in helping the industry return to normal by driving the cashflow that will support future growth.
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Close Brothers Asset Finance combines tradition and technology as it builds a platform for growthThe Coronavirus epidemic has thrown into sharp focus the vital importance of businesses being agile and able to adapt to change in both the long and short-term. Business leaders have had to respond quickly and think differently about how they run their operations and, for the most innovative companies, this has played to their strengths. At Close Brothers Asset Finance, adapting to change is part of the culture; the business prioritises close industry relationships so it can respond as markets develop and change, ensuring its products and services meet customer needs and the business remains resilient. Asset Finance International caught up with chief executive officer Neil Davies (pictured) as the business engaged new working methods in response to the virus by getting employees to work from home, where possible, increasing video and telephone conferencing, and limiting travel between the offices that remain open, while maintaining high service levels in response to customer needs.
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Liberis’ unique small business card-sales model set for European growthIn January, Liberis successfully completed a £32 million investment round from FTV Capital. This latest funding round enabled the London-based fintech to continue its expansion plans of its unique small business funding model and “reshape small business finance for good”. The financial crisis of 2007-2008 had many knock-on effects, but particularly hard hit were small businesses and their access to funding. The crisis was also the turbulent and uncertain birthplace of Liberis – a company “born out of necessity”.
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Metro Bank targets SME growth with launch of direct debits for business customersMetro Bank is introducing direct debit origination for business customers in a partnership with Bottomline Technologies. The new direct debit service for SMEs will be launched in the coming months, allowing business customers to create, automatically collect and manage payments via direct debit. Around 76% of regular payments are made by direct debit and more than 15% of small and 30% of medium-sized businesses accept direct debit as a payment method.
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HTB chooses Ping Identity to improve security and customer experienceHampshire Trust Bank (HTB) is partnering with Ping Identity to provide secure digital access to its products and services. The software will be rolled out across services throughout 2020. The Ping Intelligent Identity platform is used by major banks, building societies and financial service providers.
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Ride-hailing giant Uber banned in Colombia in latest legal setbackRide-hailing giant Uber has been forced to cease operating in Colombia after a legal ruling Following a lawsuit from taxi service platform Cotech, the country’s Superintendencia de Industria y Comercio (SIC) stated that Uber was competing unfairly and banned the platform from operating. The company has operated in Colombia since 2013 and before its departure at the end of January had 88,000 drivers and 2.3 million active users. It said damages resulting from its dispute with Colombia could exceed $250 million.
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Dubai fintech partners with Bankable to disrupt European digital payments marketA Dubai-based fintech specialising in payment processing is set to launch a new digital banking solution in Europe as part of worldwide expansion. OG Bank and OG Pay includes a chat-based payment wallet and a digital point of sale (POS) that can be operated from mobile devices. OG Bank and OG Pay have signed an agreement with Bankable, the global designer of ‘Banking-as-a-Service’ solutions, to offer digital banking and digital payment solutions primarily in the UK and Germany.
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Innovation Finance rolls out QuickFi mobile-first equipment finance solution to global acclaimAn industry-first smartphone-based equipment finance solution that can initiate and complete loans of up to $5 million in minutes has been launched. QuickFi has been developed by US-based Innovation Finance, which was started by chief executive officer Bill Verhelle, the former CEO and co-founder of First American Equipment Finance and a former chairman of the Equipment Leasing and Finance Association. Its digital-first approach led to QuickFi receiving the FinTech Innovator of the Year Award at the International Asset Finance Network awards ceremony in London in December 2019 and also receiving the PowerUP London Changemaker of the Year trophy.
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Metro Bank partners with fintechs to drive service improvements for UK SMEsMetro Bank, the challenger bank, has announced a trio of fintech and SME partnerships in a move designed to better support hundreds of thousands of SMEs in the UK. It has partnered with alternative finance platform Funding Options, digital onboarding specialist DueDil and international trade services provider Conance. The new partnerships come as Metro Bank deploys the £120 million funding it was awarded from the Capability & Innovation Fund, alongside the bank’s own investment, to increase competition and choice in the banking sector.
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Stripe launches new services as part of global expansionOnline payments platform Stripe has launched Stripe Capital to provide internet businesses with easier access to funding. The move is in response to banks cutting back on lending to small businesses, with 70% of companies saying they don’t have access to the level of funding they need to manage cash flow. The bank loan process is also lengthy, with reports of businesses spending more than 25 hours on applications and paperwork before waiting weeks to receive approved funds.
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