Capitalise, a UK-based FinTech firm that allows companies to access capital with a suite of credit and risk tools, raised £10m from investors including Experian, QED Investors, Gauss Ventures, Hambro Perks and Post Finance.
The investment will expand Capitalise’s accountant and SME platform with a suite of integrated credit protection and risk management services designed specifically for SMEs.
The funding will also be used to support the launch of Capital Reports, a newly integrated risk management service that takes up where traditional credit reports leave off. Embedded within an accounting service and SME balance sheet, Capital Reports allows accountants to protect their SME clients from unforeseen risks of their clients’ and suppliers’ credit positions by warning of potential defaults, it analyses what is available to a business and its propensity or need to borrow, and provides real-time access to a curated panel of mainstream and alternative providers.
Capital Reports will be available on the Capitalise platform. On launch, it will be available to approximately 500,000 SMEs via their accountants and a further 500,000 via API and open banking partnerships.
Founded by Paul Surtees and Ollie Mailtand, Capitalise aims to match the right business to the right lender. The company uses in-house technology and data analytics to identify the best financing options available for UK businesses.
Maitlaind said, “Managing credit risk is central to lender activity but SME owners typically overlook it. This restricts their growth and jeopardizes their survival. While the digitalisation of financial services was on course to deliver SMEs with efficient access to new capital providers, the pandemic highlighted the fragility of their supply chains. As they emerge, their ability to recover and protect capital, while boosting their appeal to the lending community will be crucial.”
Echoing a similar sentiment, Surtees added, “Everybody has had to think differently during the pandemic, including us, so we created a virtuous circle in which SMEs and their advisors are shielded from risk and helped to grow. Powered by Experian’s credit data, propensity modelling, and open banking, we underline our commitment to our accounting community by bringing their data to life and supporting their SME clients, in bad times and good.
“Capital Reports will be available on the Capitalise platform which underpins the digitisation and access to capital of over 2,000 UK accounting firms and has delivered over £1bn of offers from its panel of 200 capital providers. Delivery will be through a free and paid subscription model. On launch, it will be available to more than 450,000 SMEs via their accountants and many more via API and open banking partnerships.”
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