Business Finance Market (BFM), a Fintech established by the businessman behind two UK-based banking challengers Craig Iley recently acquired £1.3 million in capital via a seed round.
BFM, which maintains offices in Newton Aycliffe in County Durham, is planning to enhance the process bringing lenders and SMEs close together. The firm had targeted a raise of £1 million, which was then surpassed due to substantial contributions from investors.
The company plans to use the proceeds to support its tech development and hire additional staff members. The Fintech company’s investment round was reportedly led by fellow Newton Aycliffe firm Growth Capital Ventures, and is the notable investor’s most recent Enterprise Investment Scheme-qualified opportunity.
BFM aims to offer access to faster finance decisions for small businesses, and allows lenders to access a platform where they manage the complete application process for SMB financing. The firm now intends to use databases, machine learning and customer journeys to enhance the process of submitting applications for support.
Craig Iley, Co-founder at Atom Bank and the entrepreneur behind Bank North, stated earlier this month:
“Expectations among SMEs are increasing with a demand for more focused lending products, faster credit decisions, improved funding chances and flexible options regarding collateral requirements. We are reengineering the entire journey, to reduce friction for all stakeholder groups and ensure better customer outcomes along with benefits to investors.”
Craig Peterson, Growth Capital Ventures’ Co-founder and COO, remarked:
“When we issued this latest investment opportunity in BFM to our investor network, it attracted a considerable amount of interest. Such is the belief in the strong executive team and the aims behind the new technology platform Once developed, this platform will make it easier for SMEs and their trusted advisors to access finance quicker and easier. It will allow businesses to deal with multiple providers at the click of a button. This is an attractive proposition not just for SMEs but banks, commercial brokers, UK plc and the Bank of England.”