KPMG backs alternative finance and fintech to deliver small business growth
3 min read
03 August 2015
Professional services firm KPMG has forged a strategic partnership with peer-to-peer (P2P) business lender MarketInvoice, believing that alternative finance will help small businesses accelerate growth.
As MarketInvoice CEO Anil Stocker has put it, “the world of finance is changing”. Evidence of this has been seen with George Osborne’s high-profile hire of venture capitalist Eileen Burbidge as the British government’s special envoy of fintech.
Elsewhere, the arrival of crowdfunding has provided entrepreneurs an entirely disruptive – record breaking, in some cases – way of raising capital from investors while gaining mass brand exposure at the same time. And the P2P lending sector has proven to be particularly lucrative.
The new union between KPMG and MarketInvoice will result in users of the former’s Small Business Accounting Service securing access to the latter’s financial platform. It means KPMG’s software will be updated so customers can reach P2P funding opportunities directly from a credible source.
The alliance follows KPMG research that found big banks may lose ten per cent of market share to alternative finance providers by 2020, although that could increase further if more challengers continue to launch.
“Fintech companies like MarketInvoice offer new ways for businesses to access finance quickly, simply and transparently, direct from their accounting software,” Stocker said.
“It’s great that KPMG is backing this movement, and is helping to make more UK businesses aware of the latest funding options available to them. We’re excited to work together to drive the growth of UK small businesses and the economy.”
Read more on alternative finance:
- Putting alternative in alternative finance: 1980s hair salon of David Bowie in crowdfunding bid
- The UK’s small business owners expect alternative finance demand to surge
- The FD who left EY in favour of the startup world and P2P lending
In addition to the integration of alternative finance, the pair will also provide small business owners with a series of regional events, webinars, ebooks and online accountancy support.
Bivek Sharma, head of Small Business Accounting at KPMG, added: “Our objective is to help our customers grow and run their businesses as effectively as possible.
“This alliance supports that goal, as it will help KPMG customers to access finance as quickly as they require it. By combining cloud-based accounting services with online finance, businesses can access the funds they need more easily than ever.”