The rise of Fintech (financial services technology) and alternative sources of lending has changed the funding options now available for businesses.
To understand how this Fintech revolution has happened we must go back ten years. In the wake of the financial crisis, credit from traditional lenders dried up. Over the decade since the use of invoice finance has increased by more than £8bn, while traditional business loans have fallen by 8%.
This form of lending has really cemented itself over the last few years as an alternative to the traditional routes such as brokers, overdrafts, and loans. Accountants with smaller firm clients, in particular, who struggle to access bank finance or have slow paying customers are now becoming aware of the other options available.
Joining the AccountingWEB podcast to tackle the rise of Fintech with a particular focus on invoice finance are two Fintech proponents: Anil Stocker is the founder and CEO of Market Invoice; and giving the accountant’s perspective is Bobby Lane, partner at Shelley Stock Hutter.
Over the course of this episode, Stocker and Lane discuss:
What triggered this Fintech boom
How the advice accountants can give to their clients has changed
How accountants have integrated Fintech and invoice finance into their practices
Any blockers; and
The two contributors give an insight into what Fintech trends will become prominent in distant future.