Capitalise.com integrates Experian credit reportsby
The online finance platform Capitalise.com this week introduced a new Credit Report option as part of a broader alliance with international credit agency Experian.
Announced at the Digital Accountancy Show in London on Wednesday, Capitalise.com’s new Capital Reports service is based on an integration with live credit rating data fed by Experian.
The Capital Reports are housed in the Monitor section of the Capitalise advisory dashboard and are presented alongside a business balance sheet. The new report will replace and “supercharge” existing Monitor health reports by blending credit feed data with cloud accounts information, Capitalise chief technology officer Ollie Maitland explained at the London event.
The Capital Reports flag up potential defaults by clients and suppliers based on live credit information. As part of the broader fintech offering, Capitalise.com can also display what funding is available and from which providers for businesses that may need access to cash.
“Credit information can be a bit murky and you have to pay a fee for it. We’re shifting how you get access to it at an important time. Lots of businesses are filing their accounts at the moment and that’s filtering through to downgraded credit scores and trade terms,” said Maitland.
“For accountants there is an impression that advisory is something they have to sell. The Capital Reports is a digital engagement that gives them a wide range of issues – like credit scores, funding and R&D tax credits – that they can read through to identify issues. It’s helping the client-accountant conversation rather than the adviser having to know everything.”
Capital Reports will be offered free or on subscription to the company’s network of 1,800 UK accountancy firms, with a reach of nearly half a million small businesses. The rollout will then move on to South Africa, Capitalise said in an official press release.
As part of the initiative, Experian and a small consortium of joint investors handed Capitalise £10m to fund further product development and global growth. Capitalise executives at London event Wednesday were excited about the new product developments the Experian deal would open up. Some of the money would be also be used to customise existing products for new territories.
Closer to home, Keir Warwick at accountants Bulley Davey has been using Capitalise service to help clients get operations back on track after the disruptions of the pandemic. In a recent Accounting podcast (listen below), he described how the system works.
“With the platform there’s a Monitor element to see what [lenders] could offer and what [the client’s] credit score is, so they can be proactive to get back to previous levels of growth. We can improve credit score and help them get funding to support this growth,” said Warwick.
“Credit scoring is a really powerful tool to allow your clients to get the best loan that they can. In the past that just hasn’t been on our radar. To be able to do that legwork before applying for the loan and ultimately get bigger loan or better rate – that’s really useful.”
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