SMALL- and medium-sized enterprises (SMEs) using currency broker TorFX are to be given access to finance aggregator Alternative Business Funding (ABF).
The partnership will give SMEs access to finance from alternative sources including peer-to-peer lenders.
ABF will also introduce its customers to TorFX’s business services to help them save time and money on their international money transfers.
“We’re delighted to be partnering with TorFX – as this is a good example of how two highly prominent, and like-minded south west based businesses can work together to open up opportunities and support for SMEs,” Adam Tavener, chairman of ABF, said.
“Many ABF customers are either already trading internationally, or seeking to do so in the future, so to be able to speak to an award-winning currency broker about their specific requirements will be of significant benefit.”
Nigel Fox, managing director of TorFX, said there was “great synergy” between the two organisations.
“We share common objectives, firstly, to help SME’s save time and money in key financial areas: business funding and corporate foreign exchange,” he said.
“Secondly, we are both committed to ensure our provision is simple, safe, efficient and free and above all, that what we offer is supported by high quality customer service.
“The ABF platform is a fantastic tool to help companies find the right funding at the right cost and in an extremely time-effective way.
“Many of our clients will be looking to invest, to expand their business, or to improve their cash flow. There is real added value for our clients now in our ability to be able to introduce them to ABF.”
ABF is part of the Bank Referral Scheme, which mandates nine of the UK’s high-street banks to pass on the details of rejected business borrowers to designated finance aggregator platforms, who can then make referrals to alternative finance firms such as P2P lenders.
The Treasury reported in August 2018 that more than 900 small businesses turned down for loans from the UK’s high-street banks had received over £15m of funding through the Bank Referral Scheme.