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4 FinTechs enhancing access to finance for women entrepreneurs

By Gloria Methri

March 06, 2024

  • 365 finance
  • alternative finance
  • Banco Pichincha

Women, FinTech, Business Loans, SME Lending, Women's Day, UK, Finance, Business Financing, The number of female entrepreneurs is rising at a significant rate in the UK, with more female-owned businesses than ever before. This trend brings an increased need for women’s business funding to enable these budding enterprises to grow. However, accessing finance has proven much more difficult for women than their male counterparts.

Financial products and services tailored to the needs of women small and medium-sized enterprises (WSMEs) can help address gender-based constraints and enhance access to finance for women entrepreneurs.

Fortunately, FinTech companies have bridged this gap by specifically offering financial assistance to women, in the form of loans.

Here are four lending platforms that are helping women achieve their business goals.

Banco Pichincha is a bank based in Ecuador that enables bank transfers through its online banking platform and mobile app. In 2016, the bank received a credit line of $55 million from the International Finance Corporation (IFC) to finance loans to women-owned SMEs to fuel the growth of female Ecuadorian entrepreneurs.

Ecuador’s largest bank, it doubled down on its mission in 2019 upon signing an alliance with the Overseas Private Investment Corporation (OPIC) and Wells Fargo for a combined loan of $108 million to support loans to MSMEs in the region that are owned, led by or support women.

Capify, a UK-based alternative finance provider, offers various financial solutions to support women-led businesses in the UK. Their support typically involves providing access to business loans and merchant cash advances, which can help women entrepreneurs secure the necessary funding to start or expand their businesses. Additionally, Capify also offers resources and support services such as, such as financial management tools, educational resources, and networking opportunities.

Fleximize is a UK-based FinTech company and alternative business lender that offers business loans for women. It offers business loans of up to £500,000 with no early repayment penalties or hidden fees. Fleximize also offers support for female entrepreneurs, including a collection of women-centric groups and organizations. By offering these tailored initiatives, the company aims to empower women entrepreneurs, address gender disparities in access to finance, and contribute to the growth and success of women-led businesses in the UK.

365 Finance offers small business funding to help women entrepreneurs operate and grow their businesses. Its flexible finance solution offers female business owners between £10,000 and £400,000 in funding. Unlike a traditional bank loan, there are no interest rates or fixed monthly payments. Instead, repayments are taken from a small percentage of your future debit and credit card payments.

365 Finance also offers a campaign called SheLeads, which features video interviews with women entrepreneurs. The campaign aims to provide access and support to women entrepreneurs and highlight their triumphs, challenges, and determination.

ALSO READ: Global Lending Vendors & Landscape Report Q2 2023

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