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UK based fintech digital business finance platform tide Reached 500,000 members in the UK. This important milestone means that nearly one in ten small businesses are now using the service.
Last year, Tide also launched products for Indian micro and small businesses, making it one of the first British fintech companies to find success in India. It plans to recruit an additional 500,000 SMEs domestically over the next two years.
Oliver PrillCEO tide, said: Our mission to help small businesses save time and money has proven successful with more and more small businesses choosing to open an account with Tide. From net zero to supporting more female business owners, we plan to roll out more products and services this year to help small businesses get their businesses up and running. “
Average non-performing loans for UK SMEs jumped 61% to 16,641 today, from 10,329 in spring 2022.According to a survey by Bibby Financial Services (BFS). About 1.5 million (27%) small and medium businesses are currently suffering from this problem.
59% of businesses surveyed say they are having a harder time securing loans now than during the pandemic. 11% say they have struggled to fund their business in the past six months. On the other hand, 39% worry that they will not be able to pay off their loans if interest rates continue to rise.
Derek RyanUK Managing Director BFS, commented on the findings. Ryan says: Not only do small businesses grapple with long-standing problems of late payments and rising bad debts, they also struggle to access the funds they need to run their day-to-day operations. “
Fintech Walespartner with training providers iungo solutiondocumented an 81% success rate from individuals who attended a 10-week coding or data academy.
62% of those who successfully completed the course found employment in the Fintech or Technology sector, and 19% received further training.
Gemma Hallett, Head of Skills at FinTech Wales, commented: We are thrilled with the success we are already seeing at the Academy. We are continuously developing a pool of ready-to-work data analysts, cloud engineers, and software developers who are being recruited by organizations within our ecosystem. “
lloyds bank is affiliated with Enigiois a technology company that provides solutions that ensure the integrity, traceability and ownership of digital information. This partnership aims to support greater use of digital documents in trade finance through the use of blockchain technology.
This collaboration is based on Enigio’s “Trace: OriginalSolutions for digital original documents including promissory notes, bills of exchange and bills of lading. We will also explore opportunities to feature trace:original documents within wider trade finance products such as documentary collections and credits.
By eliminating the need to physically transfer documents in trade transactions, Lloyds Bank aims to provide its clients with faster, more affordable, flexible, sustainable and secure digital trading solutions. I am aiming. The bank’s partnership with Enigio is also part of its digital strategy and paperless trading initiative.
gwyn masterLloyds Bank’s Managing Director of Lending and Working Capital said: This partnership further strengthens our relationship with Enigio as we continue to expand the types of documents and underlying flows that utilize ‘trace:original’ documents. “
American savings and investment app Acorn got go henrya prepaid debit card and financial education app for kids and young people.
In the UK and Europe, GoHenry and PixPay will continue to operate. Meanwhile, in the United States, GoHenry will operate as “GoHenry by Acorns.”
Noah KernerCEO of Acorns spoke about the acquisition. Mr Kerner said: GoHenry’s mission-driven approach aligns perfectly with his Acorns, and we hope this will accelerate our roadmap and help bring financial health to the whole family through all stages of life. “
