TWO THIRDS of businesses are embracing fintech, with a third making use of it for loans or invoice finance, MarketInvoice has revealed.
A poll of more than 3,400 businesses by the peer-to-peer platform found 32 per cent have used online lenders for business loans or invoice finance, 23 per cent use products for banking transactions, 24 per cent use cloud-based accountancy software and 16 per cent use fintech firms for foreign exchange.
These adopters reported saving on average more than £5,500 a year as result of using the fintech products and services.
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A fifth of firms also said they expect cryptocurrencies such as Bitcoin to feature in payment transactions over the next 12 months, while a tenth have used them at some point in the past year.
“The expansion of tech-driven digital services has been remarkable over the past five years,”
Anil Stocker, chief executive and co-founder of MarketInvoice, said.
“We know that consumers have been adopting tech applications into all parts of their lives, but our research shows that now UK businesses are also becoming tech-savvy.
“Fintech applications are revolutionising the way business is being done from how employees report their expenses to the way businesses report their financial performance. Entrepreneurs always seek out the best means to drive their businesses and clearly fintech products and services are becoming a stable part of this approach.”