Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
partnership
June 29 2020

Trade Ledger partners with Equifax to create credit profiles for SMEs

Michael Lloyd Industry News, News, Top 3 Covid-19, Equifax, Jayadeep Nair, Martin McCann, Trade Ledger

Banking platform Trade Ledger has extended its UK partnership with Equifax to bid for a government-designed scheme in order to create a technology-led credit profile for small- and medium-sized enterprises (SMEs).

The firms will bid for the Banking Competition Remedies (BCR) Capability and Innovation Fund, which was set up by the government to distribute £775m of money from the Royal Bank of Scotland (RBS), as a condition of its state bailout in 2008.

The fund was designed to improve the financial products and services available to SMEs.

Trade Ledger will work with business and consumer insights expert Equifax to create a portable credit file solution for SMEs. They will do this using open banking and open accounting technologies.

Read more: Equiniti launches enhanced KYC service for the invoice finance industry

“We’re acutely aware of the challenges faced by UK SMEs as a result of Covid-19, and want to play our part in supporting their recovery,” said Jayadeep Nair, chief product and marketing officer at Equifax UK.

“Using technology such as APIs and open banking, plus a combination of traditional and new data sources, we can build a better and more accurate picture of an SME’s financial health in real time.

“For SMEs, having a way of showing their stability and creditworthiness based upon the most current data is crucial to accessing finance as they look to rebuild after the pandemic.”

As part of the new collaboration, Equifax have also committed to joining Trade Ledger’s SME fintech taskforce, formed at the end of March to establish a new business credit origination and underwriting infrastructure for lenders in the wake of Covid-19.

Current taskforce members include leading UK fintechs Nimbla, Wiserfunding & Northrow.

“Now more than ever, the UK’s smaller businesses need us to be on their side, so we’re delighted to partner with Equifax on the concept for a service which, if we are successful, will deliver tangible benefits to hundreds of thousands of hard-pressed SMEs and lenders simultaneously,” said Martin McCann, co-founder and chief executive of Trade Ledger.

“By leveraging our unique open platform for SME finance and unique commercial data assets from Equifax, we have the chance to play a significant role in driving the UK’s recovery from Covid-19, as well as building a more sustainable and competitive financial services sector after.”

This follows business finance aggregator platform Funding Xchange partnering with Enterprise Nation to bid for the fund in order to build the Enterprise Nation Finance Portal to help businesses access the finance they require.

Elevate’s UK exit will have “no impact” on VSL portfolio performance Majority of fintechs not receiving government help

Related Posts

Dog at school

Industry News, News, Top 3

Five key takeaways from the fintech review

Closed sign

Industry News, News, Property, Top 3

The House Crowd goes into administration

investing

Industry News, News, Top 3

Government urged to modify EIS to promote lending

Popular posts:

  • The House Crowd goes into administration
  • RateSetter to stop investment withdrawals from 26 March
  • UK Finance calls for global fintech cooperation
  • Metro Bank plans to offer RateSetter lending through…
  • RateSetter confident of growing Metro Bank’s…
  • FCA puts the brakes on Buy2Let Cars
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by