Funding platform launched by Leeds LEP and PwC
A PARTNERSHIP between the Leeds City Region Enterprise Partnership and PwC is launching a platform to help SMEs find the right lender for their business.
The Finpoint funding platform will allow firms to submit one anonymous funding application that can be shared between the 70 lenders in the database.
Banks, specialist finance houses and alternative finance providers will have access to these applications and applicants are notified of lender interest, then choosing the lender that they would like to work with.
Originally established in Germany in 2010, the platform has been used by more than 5,000 German businesses, with a reported €200m raised last year.
Rainer Plentl, Finpoint chief executive, said: “Finpoint is a proven platform which we have adapted to the specific needs of UK SMEs seeking funding.
“The platform allows SMEs to be in control of the process of finding finance and gives them access to alternative lenders, including crowdfunding platforms, and existing funders such as banks and challenger banks that operate in specific niches of the lending market.”
Rob Norreys, LEP director, said: “Leeds City Region boasts over 100,000 SMEs who are vital to our economy, but we know from our recent business survey that access to finance can be a major barrier to growth for companies in the region.
“We know that it is not a ‘one size fits all’ when it comes to business growth. The Finpoint platform gives businesses an alternative way of finding the right finance to meet their growth ambitions and supports the LEP’s ambition of driving economic growth across the City Region.”
Stuart Howie, director at PwC, added: “SMEs are a key part of the economy and we want to make it easier for them to grow and succeed. We know that access to finance can often hold back SME development and believe the platform can really help them by putting alternate financing routes alongside traditional lenders.
“We see our partnership with the LEP and Finpoint as a natural step to help local SMEs and one that builds on our own SME MyFinanceparter service launched last year.”
