multifi Announces Strategic Integration with Plaid to Revolutionise Financial Access for UK Businesses
multifi is proud to announce a strategic partnership with Plaid, a data network powering the digital financial ecosystem. This integration is set to transform the financial landscape for UK SMBs by addressing the primary challenge of lengthy finance applications, a significant barrier identified by 62% of small businesses in a recent study by the Federation of Small Businesses (FSB)[1].
What this means for UK businesses:
- Strategic Partnership: multifi integrates Plaid to simplify financial access for UK SMEs, tackling long application processes.
- Streamlining Applications: Open banking reduces time, addressing a key concern for 62% of SMBs.
- Empowering Growth: The collaboration offers SMBs streamlined operations and personalised financial services, fostering growth.
- Personalisation & Support: Through open banking, multifi enhances finance solutions with tailored support, adapting to SMB performance.
The integration of multifi to the Plaid network aims to directly tackle the lengthy process of financial applications, which has been a significant hurdle for small businesses seeking financial services. The integration with Open Banking enables multifi to efficiently evaluate the financial health of small businesses by analysing their financial activity from various banks, including Barclays, HSBC, Lloyds Bank, Halifax, Santander, Natwest, and Monzo. Leveraging Plaid’s cutting-edge open banking technology, multifi will dramatically streamline the application process, enabling quick, secure, and seamless financial data sharing. This innovation reduces the time and effort required to apply for finance. It opens a new realm of personalised financial services for SMBs, directly addressing the friction points in accessing financial support.
Utilising open banking, multifi can now offer even more personalised finance solutions, leveraging technology to continually assess the ongoing health of SMBs. This approach enables multifi to identify opportunities for extending credit limits based on company performance, ensuring SMBs can access the financial support they need to grow and thrive.
The collaboration harnesses the power of open banking to offer unparalleled benefits to SMBs, including:
- Reduced Application Times: Dramatically shortens the finance application process, making it quicker and more efficient for businesses to access the funds they need.
- Personalised Financial Products: Enables the development of more tailored financial products and services by providing lenders with a comprehensive understanding of each business’s financial health.
- Enhanced Data Control and Security: Offers secure data sharing that lets businesses control their financial information, enhancing trust and transparency in financial transactions.
- Improved Financial Management: Facilitates better financial management and decision-making for SMEs by providing detailed insights into their financial data.
Rob Keown-Boyd, CEO of multifi, highlighted the importance of this partnership, “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.”
Plaid is a global data network that powers the tools millions of people rely on to live a healthier financial life. Our ambition is to facilitate a more inclusive, competitive, and mutually beneficial financial system by simplifying payments, revolutionising lending, and leading the fight against fraud. Plaid works with over 8,000 companies including fintechs like Venmo and Moneybox, several of the Fortune 500, and many of the largest banks to empower people with more choice and control over how they manage their money. Headquartered in San Francisco, Plaid’s network spans over 12,000 institutions across the UK and Europe, US, and Canada.
Download our latest report: The future of cashflow
Download our insight report, “The Fight Against Slow Finance: How Pre-Approved Credit is the Secret Weapon for UK Businesses,” to dive deeper into the challenges UK businesses face and discover how multifi is revolutionising the world of business finance.
Our report includes:
- Identification of financial gaps and the impact on SMBs.
- Strategies for managing cashflow effectively.
- The benefits of pre-approved business credit.
- Real-world case studies and success stories
multifi is revolutionising business finance for small businesses with its innovative approach and tailored financial solutions. By providing quick access to funding, flexible credit limits, transparent pricing, and a streamlined application process, multifi empowers small businesses to overcome financial challenges and achieve their business goals. We invite small businesses across the UK to explore multifi’s financial solutions and experience the difference for themselves. With multifi, the future of business finance for small enterprises is brighter than ever.
[1] https://www.fsb.org.uk/resource-report/credit-where-credit-s-due.html
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