Alt finance clearinghouse portal opens

A flurry of activity in the alternative finance world saw the emergence of a new portal, alternativebusinessfunding.co.uk at an industry conference in London on Tuesday.

Business secretary Vince Cable, who is seen within the sector as a strong advocate of alternative finance, was on hand to laud the new portal and show the government’s support.

The alternativebusinessfunding.co.uk site is a collaboration between seven of the UK’s alternative funders. Between them CrowdCube, Funding Circle, Market Invoice, Platform Black, Seedrs, Zopa and Pensionledfunding.com claim to account for 85% of the alternative non-bank funding market and have provided to date more than £580m in funds to small businesses.

That amount is dwarfed by the amounts controlled by traditional high street banks, but Adam Tavener of pensionledfunding.com who helped to bring the new portal together said that alternativebusinessfunding.co.uk could greatly expand the market by eradicating the “sclerotic log-jam between bank and non-bank lending”.

That amount is dwarfed by the amounts controlled by traditional high street banks, but Adam Tavener of pensionledfunding.com who helped to bring the new portal together, said that alternativebusinessfunding.co.uk could greatly expand the market by and catalyst for the site by “by eradicated sclerotic log-jam between bank and non-banking”...

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