How GoCardless And Pipe Want To Change Financing For UK SMEs.
How do small businesses secure the capital they need to expand and grow when banks don’t seem particularly interested in lending to them? Data from the British Business Bank shows bank lending to UK small businesses in the form of loans and overdrafts fell 18% last year; challenger banks moving into a market where the biggest UK lenders are now far less active than in the past are providing some support, but not enough for many start-ups and scale-ups. One organisation hoping to start plugging the gap is the payments company GoCardless, which will today announce a joint venture with American fintech Pipe to offer capital to UK small businesses. The business will leverage the value of its payments data in order to offer pre-approved capital facilities to many of its small business customers.
Read the full article: forbes.com
