We’ve switched our classes to live online. For more Covid-19 updates, click here

FSB launches financial technology platform for small businesses

The Federation of Small Businesses (FSB) has launched a new fintech platform to provide small businesses and self-employed people with more access to funding.

The FSB Funding Platform, which is regulated by the Financial Conduct Authority (FCA) and developed by business finance platform Finpoint, will help potential borrowers get access to funding by matching them with more than 100 providers.

Growth

The platform will help businesses and self-employed people to fund business growth, with research from a pilot of the platform showing many firms are being held back as a result of high costs.

The average amount a small business applies for from an alternative finance provider was found to be £39,000, with equipment purchases and working capital for short-term operations or late payments being among the top reasons for businesses seeking finance.

A wide range of funding options will be provided for businesses and self-employed communities through the platform. This includes peer-to-peer lending, with Assetz Capital, RateSetter, and Funding Circle.

Change

Commenting on the launch of the platform and how it will benefit small businesses, FSB London Chair Michael Lassman said: “We’re pleased to be able to offer this exciting platform to our member base. Although it’s harnessing the latest innovations in tech it offers a very simple way to access finance, as well as access to human financial advisers. It will transform the business funding market and is a real step change for small businesses.”


Other News

How Leadership Shapes Digital Transformation

Being digitally driven is a necessity right now for every business, but just acquiring new technology isn’t enough as implementation…

Top 3 Big Data Trends in 2020

Data and technology have made their way into our lives and have forever changed the way we use the internet.…

Technology failures changing consumer attitudes in banking, study shows

A study from data analytics firm Consumer Intelligence has highlighted the impact of technology failures in banking, with more than…

Back to top