The latest research from Banking Circle revealed that many SMEs applying for finance have experienced difficulties in borrowing from their usual bank. Interest rates and fees were the biggest concern. The speed of response was also a challenge. However, over half (58%) said they would be encouraged to seek finance from a non-bank if it offered lower interest rates.
Anders la Cour, co-founder and Chief Executive Officer of Saxo Payments Banking Circle believes this identifies a clear opportunity for FinTechs to add value to their customer proposition – as well as build a new revenue stream.
Rather than the average 60 days it takes a traditional bank to extend a new loan, the entire application process takes up to 72 hours with Banking Circle Lending.
For more information about Banking Circle, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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