back Back

Funding Xchange and Capco drive digitisation to boost support for SMEs

By Megha Bhattacharya

February 04, 2021

  • Funding Xchange
  • UK
Share

Funding XchangeFinTech Funding Xchange and Capco have announced that they aim to encourage the financial services industry to recognise the importance of FinTech lenders to small businesses as the government-supported Bounce Back Loan Scheme (BBLS) comes to an end.

CEO of Funding Xchange, Katrin Herrling, noted, “CBILS and BBLS have slowed down the growth of the fintech sector significantly, the digital processes that existed before the crisis that were working well have been entirely disrupted – they’ve been unplugged. There’s no doubt that the government needed to step in, but the way it’s been executed has fundamentally impacted the increased competition that fintechs had introduced, together with the options for finance available to SMEs.”

Katrin Herrling stated that the Funding Xchange platform witnessed an “increase in customers coming from challenger banks looking for a loan: “Before the crisis, it was about 15 percent of customers and now it’s upwards of 40 percent.” The indications from the latest Funding Xchange Lending Monitor point to approximately 250,000 businesses being excluded from the BBLS simply as a result of them not banking with one of the accredited banks.

Alla Gancz, UK Head of Digital at Capco, said, “At Capco we are already supporting many banks to realise their digitisation goals. It is clear that there is a willingness among banks to integrate existing digital solutions into their service offerings to optimise efficiencies, speed to market and the customer experience. As we exit the pandemic, it is critical that this cooperation be extended to providing the best funding solutions to SMEs as they look to recover from the challenges of 2020.”

Recently, Funding Xchange and Enterprise Nation teamed up to support small businesses and start-ups with financial support. The partnership will provide users with access to free online resources, a tool to help businesses identify and access funding solutions, and connections to advisers. The launch of the ‘Enterprise Nation Finance Hub’ offers businesses instant access to finance options.

Previous Article

February 04, 2021

Fenergo selected by AGTB to disrupt global trade banking

Read More
Next Article

February 04, 2021

4 key trends in FinTech & financial services to watch in 2021

Read More







Advertise with us



IBSi Daily News Analysis

Fraud

June 29, 2022

Funding Xchange

UK has become the global hub for fraud due to an explosion of cybercrime

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

mmob joins Mastercard’s inaugural global Start Path Open Banking Programme

Read More

Today

Shieldpay announced a partnership with DirectID

Read More

June 28, 2022

Bendigo and Adelaide Bank partners with Sandstone Technology

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022