Technology and transparency are at the heart of everything we do at Fleximize. Our tech-focused approach means we can fund a business in as little as 48 hours, and we always tell customers the total cost of borrowing upfront, rather than hiding it in the small print. Indeed, we think a transparent commercial finance industry is in the best interests of lenders and borrowers alike.
In an effort to bring greater fairness and transparency to the sector, we launched our rate comparison tool in January 2017. With some lenders basing their quotes on less conventional rate types, such as factor rate or yield, it can be difficult for business owners to compare them with quotes based on a standard monthly interest rate. Our rate comparison tool makes this a lot easier, allowing business owners to compare quotes in real-time to ensure they get the best deal for their business.
While it’s reward enough to know that we’re helping businesses get a fair deal on their funding, it’s also nice to see our efforts being recognized by the industry as a whole. This is why we’re delighted to announce we’ve won the award for ‘Innovation in the SME Finance Sector’ at the prestigious Business Moneyfacts Awards 2018.
The award is testament to the work of our tech team, and we’re also incredibly grateful to the customers and brokers who nominated us. As well as vindicating our decision to launch the rate comparison tool, it suggests that businesses have already seen the benefits of the tool when it comes to comparing funding options.
We believe it’s crucial that business owners know exactly how much they’ll be paying before committing to a funding package. With many lenders displaying the cost of their loans in different ways, it can create confusion around the cost of the funding. This, in turn, makes it more difficult for business owners to understand their funding package and choose the best deal for their business. Our calculator is designed to offer some much-needed clarity, enabling people to get a true cost comparison across all their different quotes.