Mark Blandford, the founding father of UK bookmaker Sportingbet, has launched a brand new credit score platform for small-and-medium sized companies, aiming to “take the faff out of finance” at a time when entry to financing has turn out to be harder.
Along with the previous chief government of Pay4.com Rob Keown-Boyd, Blandford has arrange multifi to offer unsecured revolving credit score amenities of as much as £200,000 to British companies. The loans could have a set month-to-month entry payment of 0.3 per cent and an rate of interest of 1.99 per cent per 30 days on used credit score.
Small-and-medium sized companies account for 99 per cent of the UK economic system however 11 per cent of those face closure or administration annually, the group stated in a press release. The platform is aiming to alleviate cashflow points for these companies, which is cited as the principle motive for failure in 82 per cent of instances.
Learn extra: SME funding hole: Companies unable to entry development finance
The corporate has raised £10m from UK-based fintech investor Fasanara Capital. It stated that additional funding is lined up following the profitable launch and allocation of the preliminary tranche.
Learn extra: P2P backer Fasanara launches $1bn fintech fund
The agency, the place Blandford is chairman, has already offered financing to Steel Buying and selling UK, a worldwide supplies sourcing firm.
“Within the present financial local weather, conventional finance strategies have confirmed tough and throughout the market there’s a reluctance to assist small companies develop,” commented David Underwood, director at Steel Buying and selling UK.
“multifi is fast and straight ahead. The persons are very educated, perceive the completely different wants as an SME and most significantly, present funding with a viable facility. We’d suggest different companies to make use of them, it’s labored nicely for us, and we look ahead to rising our relationship with multifi sooner or later.”
Keown-Boyd, chief government at multifi, added: “Enterprise finance is overly complicated, usually resulting in quick rejection for enterprises needing funding. We goal to revolutionise this course of by simplifying entry to finance. Our simple platform permits companies to determine their borrowing capability immediately, and with the preliminary £10 million secured, we’re wanting to assist the expansion of SMBs throughout the UK. We’re dedicated to taking the faff out of finance.”
Learn extra: Untangled Finance raises $13.5m led by Fasanara Capital