This collaboration aims to reduce the lengthy process that SMBs often face when seeking financial services. Credit: Vitalii Vodolazskyi via Shutterstock.

Finance platform multifi has forged a partnership with fintech company Plaid to simplify financial applications for UK small and medium-sized enterprises (SMEs). 

This collaboration aims to reduce the lengthy process that businesses often face when seeking financial services. 

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Under the alliance, multifi will integrate Plaid’s open banking technology to access comprehensive financial data from various banks.  

These include Barclays, HSBC, Lloyds Bank, Halifax, Santander, Natwest, and Monzo.  

By analysing the financial activity of SMEs, multifi can evaluate their financial health more accurately and efficiently. 

This partnership is expected to streamline the application process and slash the time and effort required for SMEs to apply for finance.  

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Leveraging the capabilities of open banking, multifi hopes to offer more personalised finance solutions and continually assess the ongoing health of SMEs. 

The alliance would enable the company to identify opportunities for extending credit limits based on a company’s performance.  

Other benefits of the partnership include enhanced data control and security, and improved financial management for small businesses. 

multifi CEO Rob Keown-Boyd said: “By collaborating with Plaid, we are not just simplifying the finance application process; we are fundamentally changing how UK SMEs access and manage their finances. This is about offering a faster, more intuitive, and secure way for businesses to grow and thrive, especially during these challenging economic times.” 

multifi and Plaid’s partnership comes after the Small Business Index for Q4 2023 indicated a cautious outlook among small businesses, with growth expectations for 2024 being impacted by late payments.  

The report by the Federation of Small Businesses (FSB), which acts as a sentiment barometer, suggests that business optimism has declined amidst challenging trading conditions.