CRIF Realtime and Finpoint Limited strike deal to provide enhanced support for UK’s SMEs

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CRIF Realtime Ltd, a leader in credit risk management, and Finpoint Limited, the UK’s trusted business finance platform, have agreed a partnership to support SMEs seeking access to finance. The partnership will streamline the lending process by offering SMEs CRIF Realtime’s Credit Passport® to fast track and simplify the lending process from Finpoint’s extensive lending community.  UK economic recovery is dependent on the 5.9 million SMEs which comprise 99.9% of private businesses in the country.  The ability for SMEs to access finance quickly to meet specific business needs has never been more critical.

CRIF Realtime’s Credit Passport® is based on unique, real time credit scoring using open banking data.  It provides companies with the ability to present a more accurate picture of their financial performance and helps lenders significantly speed up their decisioning processes.  In addition, Credit Passport® can also be used by companies to ensure their supply chains are robust and new business partnerships are secure. In a post-Covid economy, quickly proving business resilience will be a key part of realising business success.

Commenting on the partnership, Glen Keller, Chief Product Officer, CRIF Realtime, stated,  “we are really excited about our partnership with Finpoint which we believe will help SMEs navigate the current economic challenges and achieve their business’ full potential.   SMEs with access to a Credit Passport® report and Finpoint’s business finance platform will be in a much stronger position to mitigate the damage caused by the pandemic and to focus on future business development and growth”.

As one of the UK’s leading business finance platforms, Finpoint Limited is an accredited delivery partner to several business trade bodies including the Federation of Small Businesses, Chambers of Commerce and Growth Hubs. It was the first fintech to assist in the distribution of Government lending schemes including both CBILS and the Bounce Back Loans. The company is committed to helping as many SMEs as possible meet the eligibility criteria of lenders so that they can access funding and realise their business aims.

Guy Bridge, CEO, Finpoint Limited said, “our partnership with CRIF Realtime is further evidence of our commitment to make a real difference to the SME sector by helping companies access the best funding choices for their businesses.  Credit Passport® is the perfect tool to underpin this commitment as it provides accurate information on a company’s performance using real time data – benefiting the company and helping lenders. It perfectly complements the 24/7 service we provide to SMEs as part of our business finance platform”.

CRIF Realtime Ltd and Finpoint Limited both use innovative technology to deliver products that better meet the needs of SMEs.  As leaders in the fintech sector, the companies recognise the importance of collaboration to ensure that SMEs can benefit as quickly as possible from innovation in the financial services sector, enabling more SMEs to access finance and enhance overall business performance.