ABC Finance has release a first of it’s kind invoice finance comparison tool, which allows business owners to undertake a ‘rapid tender’ process.
The tool pairs business owners with lenders who match their funding requirement, 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 borrowers 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 ABC Finance who wanted to simplify the process and increase access to funding for business owners by leveraging the potential of tech.
Here’s a quick summary of how it works:
This platform is the first of its kind
It truly benefits the end user by creating a rapid tender process - forcing lenders to offer their best deal in a ‘1 shot’ approach
Allows business owners to quickly scour the market to find the best deal
Keeps their contact details hidden from lenders until the business owner chooses to engage with a particular lender
We have some of the biggest names in the industry on the platform including Lloyds Bank, Skipton Business Finance, Novuna and Bibby
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”.