ABC Finance release online invoice finance comparison fintech tool
A Staffordshire business has released a first of its kind invoice finance comparison tool, which allows business owners to undertake a ‘rapid tender’ process.
ABC Finance's tool pairs business owners with lenders who match their funding requirements, giving the lender the information needed to make an initial lending decision. Each lender is then given one shot to offer their best deal and win the borrower's business. This ultimately cuts out hours of work, multiple needless meetings and a time-consuming negotiation process.
The tool is the brainchild of Gary Hemming, one of the owners of Heath Hayes-based ABC Finance who wanted to simplify the process and increase access to funding for business owners by leveraging the potential of tech.
Gary Hemming, commercial lending director at ABC Finance said: “It’s really important to me that we help the general public and business owners to get the perfect product quickly and with no hassle.
"To do this, we look at how markets currently operate, the flaws and pain points that this creates and how we can fix this using either front-end or backend tech. Ultimately, when a potential borrower is looking to raise finance, it is a stressful time and their hope, but often not their expectation, is that the process is made simple and transparent.
"Our use of innovative tech is a big part of the recent growth and the key to us meeting our goal to create a further 15 new jobs for the people of Staffordshire by the end of 2024."