Digital lending technology provider Trade Ledger has joined forces with ScotPac, Australia and New Zealand’s largest non-bank lender to small and medium-sized enterprises (SMEs), to create an origination and underwriting experience for business funding.
ScotPac is using Trade Ledger’s data-driven lending platform to unlock all types of working capital and business lending products for SMEs that cannot always easily access finance.
Trade Ledger’s platform was piloted on ScotPac’s asset finance offering and has been a hit with business owners and brokers, achieving a 90% reduction in application turnaround time and a 300% growth in new business volume in the past 12 months.
Commenting on the partnership, Martin McCann, co-founder and chief executive officer at Trade Ledger, says: “Our technology and business data insight, paired with business finance experts like ScotPac, is accelerating and transforming business finance—focusing in particular on the SME and mid-market lending experience, unlocking economic growth with better lending products.”
He adds: “Our platform puts the customer experience at the heart of the process and expands credit distribution without increasing risk, unlocking a £1.2 trillion un-served segment of the £7 trillion global SME credit market. The ScotPac partnership demonstrates how effectively our platform can help a lender grow their business.”
“Trade Ledger’s platform goes beyond open banking. Our ability to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with ScotPac and transforms how business finance can be accessed.”
ScotPac chief executive officer Jon Sutton says: “ScotPac and Trade Ledger have created a fully digital experience that is simple for the end user, whether they are a small businesses or large corporation. The goal is to transform business funding so it’s easily accessible for SMEs.”
He continues: “SMEs can quickly access multiple products (including our debtor finance, asset finance and trade finance), to solve their most bespoke or complex funding problems. The value of speed and consistency is massive for business owners, and for our broker and accountant partners.”
The future of risk management in invoice financing
Trade Ledger is running a live panel discussion on the future of risk management in invoice finance on 16 September at 11am BST.
The company is bringing together an established bank and a new bank with no legacy systems, to discuss their different approaches to risk and automation.
John Oliver, head of client management and audit for open account products at Barclays Bank, and Conrad Ford, chief product and strategy officer at Allica Bank, will debate with Rob Harris, director at Loxbear Advisory, and Roger Vincent, managing director for the UK and Ireland, at Trade Ledger. Click here to book your spot.