Online finance broker pushes into Scotland with senior hires

A UK online finance broker is expanding its coverage by taking on two senior staff to gain a foothold in Scotland.

The firm said companies would be able to find finance from more than 130 lenders by making a single online application. Picture: AP Photo/Marcio Jose Sanchez

Finpoint, which helps businesses find finance from the UK’s largest lender panel, said its presence north of the Border would “enhance competition” and offer companies alternative funding options instead of just seeking support from their bank.

The firm, which offers an FCA-regulated service, said companies would be able to find finance from more than 130 lenders by making a single online application, with businesses receiving a list of eligible lenders within 48 hours.

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The platform is powered by digital tools, including connections to Companies House, open banking and accounting software packages.

Bosses said the pandemic had led to a spike in demand for finance, with some 35,000 businesses submitting requests in the past year, up from 10,000 in the prior 12-month period.

Finpoint’s investment in Scotland has led to it recruiting Adrian Innes as chief revenue officer and Malcolm King as business finance specialist.

Innes has over 30 years of experience, working in banking and SME [small and medium-sized enterprise) lending for banks and fintechs. King is said to have significant banking experience, having started his career at HSBC in 1998 and was most recently a director at private challenger bank Hampden & Co.

Innes said: “Finpoint’s investment in Scotland will lead to significantly better competition and terms for businesses seeking finance.

“Our platform shows that there are many finance options for businesses that need crucial support during the pandemic.”

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