Trade Ledger® platform selected by Bibby Financial Services to drive funding automation
By Trade Ledger
LONDON, 1 December 2020: Trade Ledger, the global technology provider to the commercial banking and financial services industry, today announced that Bibby Financial Services (BFS), a global SME financier, has adopted the Trade Ledger origination platform to streamline customer onboarding and operational processes.
Trade Ledger’s Lending-as-a-Service Platform allows funders to re-imagine business finance for the digital era, using cloud-native technologies, open banking APIs, and advanced analytics to power data-driven product innovation and process automation across the end-to-end financing process.
BFS will leverage the platform to enhance its e-apply functionality, speed up the application process and enable greater control for businesses seeking funding. Implemented in just 12 weeks and available from today, the service will provide a digital self-service onboarding and application journey directly from the BFS website with prospects able to view and manage applications in a single portal. The platform will connect directly to a business’s accounting systems and to a range of third-party data sources to provide the most comprehensive view of financial health and credit eligibility.
Martin McCann, CEO and co-founder of Trade Ledger said: “We are delighted to be working with the team at Bibby Financial Services helping them to drive automation throughout their customer onboarding processes. As a global enterprise software provider, the large-scale complex lending operation of Bibby Financial Service is an ideal candidate for technology led, data-driven lending transformation. We are projecting significant cost efficiencies in operations and revenue growth due to enhanced customer experience.”
Edward Winterton, UK CEO of BFS, said: “Customer experience is at the heart of what we do and we are continuously looking for ways to enhance the way SMEs interact and transact with us online. Our partnership with Trade Ledger reflects this continuous improvement, enabling SMEs searching for finance to quickly and easily apply for the funding they need.”
About Trade Ledger
Trade Ledger was founded in 2016 to help the financial services sector reimagine complex business finance for SMEs and mid-market corporates in the new digital economy.
The Lending-as-a-Service (LaaS) platform supports all secured and unsecured business lending products, instantly transforming new structured data sources from the supply chain into actionable insights and tasks. This enables the right lending products to be created and offered at the right time, over the right channel, quickly, at low risk. This allows our clients to boost profitability; realising on average a 60% origination cost reduction, a 50% reduction in drop-outs and loan book growth potential of over 300% through embedded finance.
Backed by venture capitalists, Foundation Capital, Hambro Perks and other notable investors such as Court Lorenzini (founder of DocuSign), they are currently scaling globally to accommodate a fast-growing client base of global trade banks and more localised alternative finance providers. To date they have raised over £6.5M.
Visit www.tradeledger.io for more information.
About Bibby Financial Services
Bibby Financial Services (BFS) is a leading independent financial services partner to over 10,000 businesses worldwide.
We provide specialist and adaptable trade, asset and working capital finance, FX and insurance services helping businesses to grow in domestic and international markets.
Formed in 1982, BFS is part of the Bibby Line Group (BLG), a diverse and forward-looking family business delivering personal, responsive and flexible customer solutions for over 200 years.
In 2011, 2012, 2014, 2015, 2016, 2017, 2018, 2019 and 2020 the business was awarded a place in The Sunday Times 100 Best Companies to Work For, ranking 72nd in the most recent poll.
To find out more about Bibby Financial Services, visit: www.bibbyfinancialservices.com.