Business loan

Trade Ledger Boosts Business Loan Approval Speeds, Delivering 90% Reduction in “Response Time” in ScotPac Asset Finance Pilot

  • Real-time platform offers fast approval time, reducing decision times from days to hours

  • All-digital experience transforms SME financing for businesses and their advisors

  • 300% growth in asset financing business volume achieved since implementation

  • Loan-as-a-Service platform helps ScotPac Company position itself as one of the few Australian companies and New Zealand corporate financiers able to quickly finalize the financing of simple and complex transactions

LONDON, September 6, 2021 / PRNewswire / – Global digital lending platform innovator Trade Ledger has partnered with ScotPac, Australia and that of New Zealand largest non-bank SME lender, to create a market-leading origination and underwriting experience for corporate finance. The partnership demonstrates the revolutionary reach of the Trade Ledger platform for commercial lenders and their clients, dramatically reducing application processing times.

ScotPac uses Trade Ledger’s data-driven lending platform to unlock all types of working capital and business lending products for SMEs that may not always have easy access to finance. The Trade Ledger platform has been tested on ScotPac’s asset finance offering and has been successful with business owners and brokers, achieving 90% reduction in application processing time and growth 300% of new business volume in the past 12 months.

“Our knowledge of technology and corporate data, coupled with corporate finance experts like ScotPac, is accelerating and transforming corporate finance – with a particular focus on the SME lending experience and the marketplace. intermediary, thus releasing economic growth with better loan products, ”said Martin mccann, co-founder and CEO of Trade Ledger. “Our platform puts the customer experience at the heart of the process and expands credit delivery without increasing risk, unlocking an unserved £ 1.2 trillion segment of the global $ 7 trillion SME credit market. of pounds sterling. The ScotPac partnership demonstrates how effectively our platform can help a lender grow their business.

“The Trade Ledger platform goes beyond Open Banking. Our ability to match a lender’s clients with the right services and quickly bring new proposals to market is key to our relationship with ScotPac and transforms the way business financing is accessed.

“ScotPac and Trade Ledger have created a fully digital experience that is straightforward for the end user, whether it’s a small business or a large business. The goal is to transform corporate finance so that it is easily accessible for SMEs, ”said the CEO of ScotPac. Jon Sutton noted.

“SMEs can quickly access multiple products (including our debit finance, asset finance and trade finance) to solve their most tailored or complex finance challenges. The value of speed and consistency is enormous for business owners, as well as our broker and accountant partners. “

Trade Ledger Technology is at the Heart of ScotPac’s New Digital Lending Experience

  • A digital credit scoring and onboarding experience built on a scalable cloud native architecture, with microservices that enable lenders to quickly build bespoke workflows, rules, and logic

  • A platform with best practice compliance and security integrated with external data sources, for rapid data-driven analysis and funding decisions

  • Day-to-day use of AI and data analytics across the enterprise that improve customer experience and provide metrics for growth and efficiency

  • Customized workflows and user workspaces that enable lenders to perform credit assessment tasks quickly and at scale

  • A partner portal that makes loan decisions lightning-fast for brokers, accountants and other ScotPac partners, and also provides them with real-time transaction progress as well as handy templates and resources to make doing business easier.

Using data and technology to reinvent the world of credit for SMEs

“The Trade Ledger partnership will completely digitize the gateway to every channel and product for ScotPac, with supercharged and secure digital processes that don’t hold back business owners when seeking financing,” said Mr. Sutton.

“Investing in cutting edge technology is part of our ‘best of both worlds’ approach to providing business owners with a quick and easy digital decision as to whether we can finance them, while preserving the solid reputation. funding based on the relationships we have. built since the 1980s. It offers ScotPac clients and introducers the technology and speed of a fintech, giving every company more control and visibility over their financing arrangements, but unlike fully online lenders, we remain able to handle complex transactions.

He said the partnership with Trade Ledger is an important technology initiative, one of many planned for ScotPac, which has invested heavily in technology and expanded its product offering and leadership team. This is what drives ScotPac’s transformation from what was for more than 30 years primarily a debtor finance company, to become a significant leader in working capital lending in Australia and New Zealand.

“Even with great digital experiences, businesses want and need flexibility – they don’t want to deal with a lender who is a ‘one-size-fits-all’ sausage factory. ScotPac’s investment in technology allows us to make agile decisions to quickly understand each business and make an accurate call for funding, ”added Mr. Sutton. “ScotPac can handle complex demands to close deals and truly partner with customers, rather than just making digital, algorithmic decisions about whether or not to fund them.”

About the commercial ledger

Trade Ledger was founded in 2016 to help the financial services industry reinvent complex corporate finance for SMEs and midsize businesses in the digital economy.

Lending as a Service (LaaS) platform supports all secure and insecure business lending products, turning supply chain data sources into actionable insights and tasks. This helps create and deliver the right loan products at the right time, on the right channel, quickly and at low risk. Its clients increase profitability, achieving on average a 60% reduction in origination costs, a 50% reduction in abandonments and a potential for loan portfolio growth of more than 100% through integrated financing.

Backed by venture capital firms Point72 Ventures, Foundation Capital and Hambro Perks, and other notable investors such as Court Lorenzini (founder of DocuSign), Trade Ledger is currently expanding globally to accommodate a rapidly growing customer base. global commercial banks, regional and national banks, and alternative finance providers. To date he has raised £ 16.6million.

Trade Ledger was selected among the Top 40 FinTech in 2021 and received the LendTech Initiative of the Year 2020, Lending Platform of the Year 2019 and Startup of the Year 2019 awards.

About ScotPac

ScotPac is Australia and that of New Zealand largest non-bank lender to SMEs, providing finance to small, medium and large enterprises, start-ups to companies exceeding $ 1 billion income. For over 30 years, ScotPac has helped thousands of business owners succeed, unlocking the value of their business assets. Whether it’s buying stocks, investing in vehicles and equipment, improving cash flow, or accessing additional working capital, ScotPac can help.

SOURCE Commercial ledger


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