Capitalise
Businesses that work with an adviser are four times’ more likely to receive funding than those without access to any help. By providing tools that link into the accounting ecosystem, Capitalise helps UK businesses make a considered search of more than 100 institutional lenders to find their financing match.
Coconut
Coconut offers a current account banking product for freelancers and self-employed people which manages their tax, tracks their expenses and helps them get paid on time. The company is launching its beta for sole traders in January and promises customers will be able to open an account within a few minutes from their phones.
">Small businesses haven’t always prospered at the hands of our largest banks. For years after the credit crunch a decade ago, banks routinely refused to lend to small and medium-sized enterprises as they sought to pare back their balance sheets; we’ve also seen a string of scandals, with institutions including Lloyds and Royal Bank of Scotland forced to compensate SMEs hit by mis-selling or outright fraud; and more mundanely, many banks still offer inferior products and services to their customers.
This is, in other words, a sector that is ripe for disruptive competition. Enter Nesta, the innovation foundation, which earlier this year launched the Open Up Challenge, a £5m prize fund for developers of innovative banking apps and tools designed specifically for the 5 million small businesses in the UK. It invited entries from organisations that are exploiting banking technology to change the way small businesses are able to access and use financial services.
Today, Nesta has announced 10 Stage 1 winners in the scheme, each of which will receive £100,000 of funding from the organisation to develop their products and services further in 2018. Nesta’s Chris Gorst tips these fintechs as the businesses that will shape the future of small business banking.
“Useful innovation has been slow to come in small business banking, imposing real costs on the entrepreneurial economy and hitting small business productivity,” Gorst says. “But the UK is perfectly placed to make rapid progress, as a global leader in fintech and open data innovation; open banking could radically reduce barriers for new players and models to emerge and this is good news for small businesses.”
Nesta’s 10 winners are:
Bud
Bud is an award-winning banking platform that aggregates financial services so small businesses and consumers can manage their finances in a single place - their bank account. It provides banks with the software that enables them to integrate third-party services and apps, such as investments, pensions and utilities, into their bank accounts, creating a financial hub for their customers.
Capitalise
Businesses that work with an adviser are four times’ more likely to receive funding than those without access to any help. By providing tools that link into the accounting ecosystem, Capitalise helps UK businesses make a considered search of more than 100 institutional lenders to find their financing match.
Coconut
Coconut offers a current account banking product for freelancers and self-employed people which manages their tax, tracks their expenses and helps them get paid on time. The company is launching its beta for sole traders in January and promises customers will be able to open an account within a few minutes from their phones.
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