24 Jun 2020
Santander’s fintech app, Asto, partners with business finance marketplace Funding Options to provide flexible business capital to early stage startups and SMEs.
Asto Business Capital loans are now available on the Funding Options platform as part of a long-term partnership with the business finance marketplace. The Santander-backed app joins Funding Options’ roster of more than 200 lender partners, offering loans of as little as £150 or as much as £150,000, to help small businesses plug urgent cash flow holes.
With Asto business loans, customers remain in control. Businesses do not need to use the entire credit limit at once, can choose their repayment period between 6 and 12 months, will not incur early repayment fees, and can return to borrow from what’s left whenever an opportunity arises. Asto loans have no minimum turnover threshold, which means even early stage startups can secure funds.
Access to small, business-friendly loans has been enabled by Funding Options’ proprietary technology, which harnesses the power of data analytics, algorithms and new technology enablers such as Open Banking to match companies with the right lending options based on their eligibility and needs. The time saving platform allows businesses to shop around to fulfil short or long term funding needs, whether it's to grow their business or take advantage of new opportunities.
As UK businesses reopen following the Covid-19 imposed lockdown the need for working capital at short notice will heighten. Last week, thousands of independent businesses and non-essential retailers opened, with the Government planning to allow hospitality and leisure businesses to reopen from the 4th July.
In a climate where small businesses' finances have come under severe pressure, flexible and lower-cost solutions will prove essential. Funding Options has earned a reputation for helping small businesses access funding fast, with its record for application to approval being just 11 minutes. Similarly, if small business customers are happy with the terms, Asto Business Capital loans typically arrive in accounts in minutes.
Both companies have invested heavily in their hybrid models, combining smart tech with business finance specialists to empower customers to make informed decisions. This powerful combination enables business owners to scope out the best option to help them face the challenging headwinds.
Simon Cureton, CEO at Funding Options comments: "The Funding Options team is incredibly excited to be partnering with Asto - one of a new breed of ambitious & innovative lenders laser-focused on providing truly flexible finance solutions for businesses. At a time when the SME finance sector is facing some huge challenges and is in real need of positive momentum, it is outstanding to see Asto step up to show its commitment to independent UK businesses. In Asto we believe we have a partner that can match our own ambition, together using new technologies to push the boundaries of SME lending as they have been perceived to date."
Nicolette Maury, CEO of Asto UK, commented: "We are thrilled to be partnering with Funding Options, beginning a long-term relationship that will further our mission to support people as they grow their businesses. At Asto, we understand that no two business’ needs are the same, which is why we’ve designed our Asto Business Capital product to offer business owners flexible financial support. Modern technology allows us to provide innovative solutions that are simple to use and accessible. Working with Funding Options, we are aiming to empower even more businesses to react quickly to the ups and downs in their business.”
Funding Options is the leading marketplace for business finance, helping businesses across the UK and Netherlands find the right funding for their situation. With more than 200 lender partners, Funding Options is delivering hundreds of millions of pounds in vital finance to thousands of businesses every year. Whether you’re looking to grow, finance new assets or pay off a tax bill - their award-winning technology searches the market to find the right funding options for your situation. It takes minutes, there’s no obligation, and it’s easy to use. A dedicated team of experienced Business Finance Specialists are there to take out the legwork, ensuring that you can focus on what matters most - running your business.
Funding Options is a two-time winner of Nesta’s Open Up Challenge for Open Banking and has been designated by HM Treasury for the bank referral scheme, to help UK SMEs find alternative finance when they're unsuccessful with the major banks.
For more information, please get in touch with: firstname.lastname@example.org
Asto is a part of the Santander Group, committed to helping small businesses have access to financial and non-financial tools in one place to run and grow.
Built on the belief that no good business should fail for want of time, support or access to finance, Asto’s products are tailored to help small businesses manage their money and cash flow to grow. The aim is to give people running businesses simple and smart tools they really need, and to ensure that every good business has the chance to thrive.
For more information, please get in touch with:
Harriet Allner – Fintech Director - email@example.com
Tom Davis – Senior Account Manager - firstname.lastname@example.org
Press Office – email@example.com
Or visit www.asto.io.
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