AP NEWS
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.
PRESS RELEASE from provider: Business Wire
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

Ferratum Business chooses Validis to enhance the SME lending journey

March 6, 2019

LONDON--(BUSINESS WIRE)--Mar 6, 2019--Cloud-based London fintech provides access to granular SME management accounts data to ensure Ferratum Business delivers a seamless lending experience for UK SMEs.

The solution will allow SMEs to share their online and offline accounting information directly with Ferratum Business via technology platform, DataShare. Validis Datashare is a digital data extraction and standardisation solution, enabling a fast, simple and secure financial data sharing process.

Scott Donnelly, Business Unit Director for SME Lending at Ferratum, commented:

“We are constantly looking at ways to improve and enhance the lending process and experience for our clients. By accessing financials directly from the SME, we get richer, deeper, more up-to-date insight on customer circumstances and business prospects, and we can make more informed lending decisions as a result. The Validis portal is easy to use and, with it being securely hosted in the Cloud, maintains our commitment to keeping our clients’ data secure and as much of the process digital as possible.

We are impressed by the range and quality of current accounting and operational data points that we can receive through Validis for our underwriting process and see great potential for improving our data gathering and risk assessment processes.”

“Ferratum Business is changing the way SMEs in the UK get access to funding. They are leading the charge when it comes to ensuring their customers lending experience is as fast and efficient as possible,” said Joel Curry, CEO of Validis. “They realise the importance of integrating best-in-class digital services to help automate their processes and offer a better service.”

At the touch of a button, DataShare allows SMEs to digitally submit all the financial information needed for a loan decision directly from their accounting package, removing the need to spend time on manual data compilation. In turn, Ferratum Business can access up to date financial information in a matter of minutes and closely monitor the performance of their SME loans portfolio. The data arrives through a standardised data feed regardless of accounting package, increasing operational efficiencies whilst decreasing risk and default probability.

About Ferratum Group:

Ferratum Group is an international provider of mobile banking and digital consumer and small business loans, distributed and managed by mobile devices. Founded in 2005 and headquartered in Helsinki, Finland, Ferratum has expanded rapidly to operate in 25 countries across Europe, Africa, South and North America and the Asia-Pacific region.

As a pioneer in digital and mobile financial services technology, Ferratum is at the forefront of the digital banking revolution. Ferratum’s mobile bank, launched in 2016, is an innovative mobile banking platform offering a range of banking services, including real time digital payments and transfers, within a single app. It is currently available in five European markets. Ferratum has approximately 1.9 million active and former customers who have an account or have been granted one or more loans in the past (as at 30 September 2018), of which over 799,000 customers have an open Mobile Bank account or an active loan balance in the last 12 months.

Ferratum Group is listed on the Prime Standard of the Frankfurt Stock Exchange under symbol ‘FRU.’ For more information, visit www.ferratumgroup.com.

About Validis

Validis is a London-based FinTech and developer of DataShare, a secure data extraction and standardisation solution used by banks and alternative finance providers to optimise their SME lending processes. Validis transfers the full transactional and historical financial history of the SME to the lender, removing the need for manual preparation of accounts when applying for funding.

For more information please contact:

+44 (0)844 375 9070 | uksales@validis.com | www.validis.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20190306005068/en/

CONTACT: Validis UK&I

Greg Taylor

Head of Marketing UK&I

T: 07947587455

E:greg.taylor@validis.com

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT NETWORKS SOFTWARE PROFESSIONAL SERVICES BANKING CONSULTING FINANCE INSURANCE

SOURCE: Validis

Copyright Business Wire 2019.

PUB: 03/06/2019 04:00 AM/DISC: 03/06/2019 04:01 AM

http://www.businesswire.com/news/home/20190306005068/en