- FCA reports PPI complaints up in first half but others drop
- Use of contactless cards grew 17.8% in July compared with a year earlier
- Bank of England and FCA joint survey to better understand the current use of Machine Learning(ML) in UK financial services-main findings
- PwC analysis indicates that UK financial services firms’ efforts to grow their robo-adviser ranks are leading the rest of the world
- Juniper Research new study estimates MFS(Mobile Financial Services) will grow 70% to over $1tr by 2024
- Teleperformance Group(TDIBS) highlights that Artificial Intelligence(AI) could significantly speed up processing of mortgage applications
- MDOTM and Raiffeisen Capital Management announces a new strategic partnership over Artificial Intelligence(AI) development expired
- Auriga announces launch of its new WWS AI(Artificial Intelligence) module expired
- iManage and Cognia Law partner to deliver meaningful and practical Artificial Intelligence(AI) solutions to organisations globally expired
- 40-year mortgages becoming standard expired
- Inflation-beating fixed returns diminish due to rate cuts says Moneyfacts expired
- Fixed bond rates in UK plummet as providers scrap deals expired
6th February 2015
Fleximize joins market-leading alternative business lending portal
Fleximize has announced that it has now lent £4m to SMEs since its launch in January 2014. The company has also secured access to over £5.5m in funds from investors to provide to SMEs, and it anticipates a huge increase in demand for its loans as it has joined the alternative lending portal ‘alternativebusinessfunding’ (ABF).
Fleximize estimates that around 15 per cent of the companies it has provided loans to have previously been rejected by banks. It says it can provide loans to these companies because "unlike some of the banks, it is not constrained by archaic systems or a back-book of bad debts. It is also using more efficient and fairer systems for assessing applications."
With a proven track record in the UK, and having received interest from overseas, ABF is considering plans to be the vehicle to take the thriving alternative funding sector to overseas markets – many of which lack a range of non-bank funding solutions.
Max Chmyshuk, Founder and Managing Partner at Fleximize, said: “We are seeing huge demand for our loans, and now that we have secured more funding from investors and joined ABF, we expect to see a massive increase in business."
Adam Tavener, chairman of ‘pensionledfunding’, and catalyst for the ABF collaboration said: “We are delighted to have Fleximize on board at such a critical time for the non-bank funding sector. With the UK banks starting to refer to the alternative funding market this year, we are expecting huge growth for this thriving sector.”