Rinchi
TechInAfrica – A small business software solutions firm, Xero, has signed agreements with three local financial solutions firms: Bridgement, Retail Capital, and Lulalend. The partnership agreement allows these financial providers to integrate their platforms with Xero software, making it fast to assess credit risk for clients.
Xero provides a cloud-based platform for SMEs and has 1.4 million subscribers in more than 180 countries. The firm’s ecosystem is integrated with 700+ for business, providing digital financial solutions to its small business customers and as part of its mission to help South Africa’s SMEs to thrive for growth.
According to Colin Timmis, Xero SA’s General Country Manager, one of the biggest challenges facing South Africa’s SMEs is the lack of capital. Through Xero’s finance solutions, SMEs will have access to real-time accounting data and much-needed capital. Moreover, it also helps them to improve cash flow and access capital quickly.
Co-Founder of Bridgement, Daniel Goldberg, said that there is a gap in the market regarding financing options for SMEs.
“A large number of businesses don’t apply for funding because they are disheartened after many unsuccessful attempts, or because they don’t understand the process. By partnering with Xero, we are able to leverage the API and innovations to make things even simpler in finance,” he explained.
Retail Capital had dedicated to providing SMEs with an alternative funding solution since 2011. The company has advanced over R2 billion and partnered with more than 10,000 small business owners.
Meanwhile, Lulalend provides transparent lending to various clients which mostly from the distribution and manufacturing, online retail, and professional services industry.
“SMEs are a hugely unfunded segment and banks aren’t very proactive with funding to help them grow. The real-time assessment tools speed up funding decisions to give small businesses the capital they need to grow,” said Trevor Gosling, Lulalend’s Founder.
Source: itweb.co.za
