Binq, a new AI and open banking-powered app tailored specifically to help the UK’s 5.5 million small and medium-sized enterprises (SMEs) “start, manage, and grow their businesses”, has officially launched.
Developed within the Manchester-based financial technology group Intelligent Lending, Binq was created in response to the challenging economic conditions facing UK small businesses. Founder and CEO Jamie Stewart cites the “sharp rise in operating costs” for small businesses as a key factor driving the platform’s formation, adding that the UK government has “withdrawn support and hiked employment tax”.
The start-up employs AI technology that analyses open banking data to connect SMEs with various financial solutions, including business vehicle finance, credit cards, loans, banking services, insurance, and utilities options, helping to provide business owners with the information they need to make better financial decisions and effectively run and grow their companies.
Binq also features an AI assistant called Ali that analyses performance metrics, delivers real-time business recommendations, and generates alerts. The company says Ali “surfaces insights, flags issues, and offers support when it matters – whether it’s new legislation you need to know about, cashflow warnings, or funding guidance”.
In comments sent to FinTech Futures, Stewart says: “We set up Binq within Intelligent Lending, a group of fintech companies which include CredAbility, Ocean, and TotallyMoney. This means we can benefit from the scale, experience, and expertise from across the group while remaining lean and agile.”
Stewart adds: “We’re currently live across business loans, cards, energy, and banking, with more verticals being added soon – and our AI assistant has already helped numerous SME owners secure funding and better deals. Up next, we’ll be expanding our start-up suite, and building a community to foster and support entrepreneurs. The goal is for Binq to be the place for all things business.”
Source: https://www.fintechfutures.com/
