South African financial comparison company invests in loan site

August 26, 2019 • Finance, Southern Africa, Top Stories

South African financial comparison company invests in loan site

Michael Bowren, Fincheck CEO.

South African financial comparison company, Fincheck announced on Monday, 26 August 2019, that it has taken over the full management and equity in FundingHub – allowing Fincheck to sign on 71 banks, lenders and insurers.

Michael Bowren, Fincheck CEO, says, “FundingHub allows SMEs to apply for business finance, compare multiple accredited finance providers and make the most appropriate choice based on their business needs in under six minutes. There are many different forms of finance available to SMEs. This makes it difficult for them to choose which lender is best suited to their business needs”.

“For instance, a business may not know whether it needs equipment finance, unsecured or secured term loans, overdrafts, lines of credit, debtor finance, merchant cash advances or credit cards. Free-to-use and independent, FundingHub, makes this simple by filtering options and offering quotes from the most appropriate funders for their business.”

Dominique Collett, head of AlphaCode, says”business finance has come a long way since the days when SMEs had to approach their business bank manager, who didn’t know their business, who wanted a great deal of information and then would take around five months to revert with a no. Most fintech companies on the FundingHub platform can put money in a business account within 24 hours.”

According to the company, once the SME completes the application with one of FundingHub’s lenders, the lender will make an offer. The SME can apply to more than one lender and select the most suitable loan.

Fincheck plans to continue its core offering, allowing consumers to compare business finance, business insurance, personal finance, life insurance, funeral cover, vehicle finance and insurance and debt consolidation.

Edited by Jenna Cook

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