FinTech Funding Xchange and Capco have announced that they aim to encourage the financial services industry to recognise the importance of FinTech lenders to small businesses as the government-supported Bounce Back Loan scheme comes to an end. Since the crisis first began, the BBLS has damped the growth of the fintech sector – but Katrin Herrling, CEO of Funding Xchange, and Alla Gancz Head of Digital at Capco UK, hopes that with the BBLS coming to an end, small businesses will look to fintech companies for their funding needs.
Funding Xchange has already seen an increase from SME’s seeking funding, approximately 250,000 businesses have been excluded from the Bounce Back Loan scheme, simply as a result of them not banking with one of the handful accredited banks. Showing not only flaws in the governments scheme, but how useful online lender platforms like Funding Xchange are in times of crisis. Fintech, Funding Xchange is so fundamentally key and needs to exist to pave the way for future (and existing) enterprise.