A new trade finance bank – Neotrade – has launched operations in the UK. Its mission is to become the “leading” digital trade financing bank operating on a global scale.
The Manchester-based bank provides financing for small and medium-sized enterprises (SMEs) using an artificial intelligence (AI)-based scoring system to provide a “personalised financing experience within minutes”.
“Small and medium sized businesses (SMBs) are in the backbone of the global trade,” Neotrade says, citing that almost half of the worldwide trade volumes come from this segment.
“At the same time many SMBs are struggling to get the financing they need, as banks are not able to process most of the requests. Over 40% of requests get rejected automatically. Moreover, as agile businesses, SMBs require an easy, transparent and fast way to financing,” it adds.
Neotrade says it serves this untapped market with a mission to “shape the trade finance market for SMBs in the future and cover the market gap”.
Through a four-step process, Neotrade says it can take care of supplier payments and customers can then repay based on their chosen terms of payment.
“We believe that international trade is a key driver for development around the globe. Businesses must have access to a steady cash-flow all year round,” comments Neotrade.
“In the face of the unforeseen, the conventional norm is to watch, wait and lie low. We want to help businesses stay safe while moving ahead of all disruptions.”
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