Alternative finance provider AMP Credit Technologies announced its UK launch yesterday, which will help British banks lend money to small and micro-businesses.
Banks are usually reluctant to lend to small businesses because of many SME’s thin credit file. AMP’s platform, which is already in operation in Hong Kong, Singapore and the Philippines, “supports the processing of large portfolios of small business loans secured by their electronic cashflow on a profitable and efficient basis,” CEO Thomas J. DeLuca wrote in a blog post.
AMP uses principles from micro-finance, payment processing, data analytics and predictive modelling – together with more traditional loan underwriting principles – to enable banks to service loans to these smaller businesses.
“Our ambition is to serve the needs of all small businesses in the UK through financial institutions which have the advantages of lower cost of capital, extensive distribution networks, stronger regulatory protections for borrowers, and established relationships with their customers – resulting in more credit availability to small business customers, at more competitive pricing, and on transparent terms,” DeLuca said.
AMP secured £5 million in series A funding from SBT Ventures last year.
The company made the announcement at Innovate Finance’s first global summit at Guildhall in London.
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