SME leaders are increasingly turning to accountants for advice on financial products. Using Open Banking APIs, Capitalise.com allows businesses to compare thousands of lending products, via an adviser.
Recently, the London-based company raised £10 million from various investors including, Experian, QED Investors, Gauss Ventures, Hambro Perks, and Post Finance, participated.
The funding will be used to support the launch of Capital Reports, a new, integrated risk management service that takes up where traditional credit reports leave off.
How does Capital Report work?
The Capital Reports service allows accountants to protect their SME clients from unforeseen risks of their clients’ and suppliers’ credit positions by warning of potential default.
It further analyses what is available to a business and its propensity or need to borrow, and provides real-time access to a curated panel of mainstream and alternative providers.
‘Capital Reports’ will be available on the Capitalise platform. On launch, it will be available to approximately 500,000 SMEs via their accountants and a further 500,000 via API and open banking partnerships.
Helps find finance for SME clients
Founded by Paul Surtees and Ollie Mailtand, Capitalise aims to unlock UK businesses’ full potential by matching the right business to the right lender. The company uses in-house technology and data analytics to identify the best financing options available for UK businesses.
Headquartered in London, Capitalise is supported by both the Microsoft Accelerator and Microsoft Growth program and was recently identified by NESTA as one of the top ten Fintechs that could shape the future of small business banking.
Capitalise CPO and Co-Founder Ollie Maitlaind say; “Managing credit risk is central to lender activity but SME owners typically overlook it. This restricts their growth and jeopardizes their survival. While the digitalisation of financial services was on course to deliver SMEs with efficient access to new capital providers, the pandemic highlighted the fragility of their supply chains. As they emerge, their ability to recover and protect capital, while boosting their appeal to the lending community will be crucial. Capital Reports will make an unprecedented and timely contribution to SMEs’ ability to survive and grow, in the UK within the coming months, in South Africa in Q4 with more countries to follow.
Capitalise CEO and Co-Founder Paul Surtees say; “Everybody has had to think differently during the pandemic, including us, so we created a virtuous circle in which SMEs and their advisors are shielded from risk and helped to grow. Powered by Experian’s credit data, propensity modelling, and open banking, we underline our commitment to our accounting community by bringing their data to life and supporting their SME clients, in bad times and good”.
Yusuf Ozdalga, London Partner at QED Investors says; “Capitalise’s unique platform helps accountants better serve and help their clients by demystifying and streamlining the funding process, and bolsters their position as trusted advisors. This is an exciting stage in the Capitalise growth story and we are excited to be a part of it”.
The post London-based Capitalise that help business owners raise capital picks up £10M funding appeared first on UKTN (UK Tech News).
