Fincheck has taken over the full management and equity in FundingHub making it the biggest financial comparison site as well as the biggest lead aggregator with 71 banks, lenders and insurers under its portfolio.
Fincheck which began in 2016 to help consumers compare financial services products, will now operate FundingHub‘s platform which comes with 30 alternative lenders and banks.
Launched in 2017, FundingHub finances South African SMEs and has attracted average loan sizes of R300 000, with the largest loan being R72 million. The platform provides funding to SMEs that have been in business for a minimum of 12 months and need R1 million annual turnover.
FundingHub knows that 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. The acquisition aims to make it easy for customers to compare options and get financing quickly.
“FundingHub allows SMEs to apply in under six minutes for business finance, comparing multiple accredited finance providers and to make the most appropriate choice based on their business needs,” said Michael Bowren, Fincheck CEO.
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 really simple by filtering options and offering quotes from the most appropriate funders for their business.”
Fincheck is a gold member of AlphaCode, Rand Merchant Investment Holdings (RMI) incubation, acceleration and investment vehicle for early-stage businesses which can disrupt the financial services industry.
Dominique Collett, head of AlphaCode notes that, “ Many of the fintechs on the FundingHub platform can put money in a business account within 24 hours.”
Once the SME completes the application with one of FundingHub’s lenders, the lender will make an offer. The SME is able to apply to more than one lender and select the most suitable.
Fincheck allows consumers to compare business finance, business insurance, personal finance, life insurance, funeral cover, vehicle finance and insurance, debt consolidation and counselling as well as allowing a complete credit health check via MyFincheck.