Nottingham based fintech, OpenWrks announces partnership with London based finance comparison company, BIZL providing them with the Open Banking capability to transform the way SME’s compare and apply for finance.
Driven by the idea of providing simple and secure financial products and services for everyone, OpenWrks partners with like minded businesses to help them create a faster, more accurate and tailored experience for their customers. Their Open Banking platform allows BIZL’s customers to complete their journey digitally, making it easier for them to gather and connect bank documents to send to their lenders and quickly get approval. OpenWrks continues to bring Open Banking solutions and applications to more businesses to improve their customer experience.
Founded in 2015 by Josh Greenway, BIZL’s mission is to transform the SME lending market and empower small business to plan, borrow and grow. BIZL’s sales team has a combined experience of 50 years in SME lending, and currently works with over 50 lenders to give their clients the best possible opportunity to find and secure a loan for their business. Since the company’s inception, they’ve helped thousands of businesses compare over £190 million worth of business loans.
By using OpenWrks’ Open Banking platform, BIZL has been able to streamline their administrative activities and place more emphasis on creating a better user experience. Traditionally, the process of gathering bank documents for lenders to make their assessments has been a lengthy manual one, however, Open Banking has eliminated this process in favour of a digital solution, making it easier for small businesses to collate the banking data they need to apply for financial support. BIZL views its partnership with OpenWrks as a stepping stone towards incorporating innovative AI technology.
Olly Betts, CEO at OpenWrks is encouraged by the prospect of using Open Banking for good, to help SMEs grow. Betts stated “Open Banking as a force for good is only just being recognised. The technology can provide small businesses, like those using BIZL, the chance to grow their business when they need it most by getting access to realistic finance”.
BIZL CEO, Josh Greenway shares his thoughts on utilising OpenWrks’ Open Banking platform, “We're on a mission to revolutionise the way businesses borrow money. Banks are slow and uncompetitive and for too long businesses have been under-served when needing to access finance. That's why we’re building a smart platform that simplifies the lending journey for businesses and their advisors. Open Banking capability is a big win for our customers, streamlining the experience and giving rich data insights in real time”.