- Fed Board fines BNP Paribas for unsafe and unsound practices in FX markets
- Mastercard to acquire AI specialist Brighterion
- One-third of card payments now contactless, says UK Finance
- UK Government to outlaw excessive card charges
- Mortgage sales dip in June according to Equifax
- Banks are failing their customers with 'scandalous' overseas charges, says deVere
- FCA concerned about use of interbank rate in online currency converter tools expired
- New CEO for BNY Mellon expired
- Non-bank payment service providers to gain access to settlement accounts at the Bank of England expired
- UK investor sentiment drops to lowest level this year, says Lloyds Bank expired
- High-street banks announce new Access to Banking Standard expired
- Bank of America posts one of the strongest quarters in its history 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.”