Beware of Tide and Starling, SME banking just got a new entrant.
Image source: John Davies/Just Cashflow.
Commercial lender Just Cashflow is taking a big step into the world of SME banking with the launch of its own business account, AltFi can exclusively reveal.
The new business bank account offers all the features we expect from a modern business account, from sort code and account number to debit cards, faster payment standing orders and data sharing with the accounting pages of Xero, Sage and A3.
Just Cashflow’s addition to the mix is that its account is also combined with the lender’s existing revolving credit facility, which works the same way as a traditional overdraft.
“During the lockdown, we have accelerated our plans to bring a new business account to market and the timing couldn’t be better for struggling SMBs,” said John Davies, executive chairman of Just Cashflow.
“Our new business account is designed for small business owners who, by necessity, need to be in charge of finance, HR, marketing, etc., often on the same day. This means they may miss the telltale signs that they are about to run into cash flow problems.
Working with Railsbank and TOQIO to create the account, Just Cashflow also included several new features to help its account stand out from Tide and Starling Bank, such as auto-save expenses and tight integration with its credit facility.
Just Cashflow’s new account is accessible through a web and smartphone app, and also comes with UK-based phone support.
The launch comes at a time when most traditional banks have closed their doors to new business customers, due to the huge administrative requirements of offering rebound loans to their existing customers.
“It accelerated a trend where traditional banks stopped supporting the S in SMEs,” Davies added.
Just Cashflow’s entry into the corporate banking space is another blow to both the big banks that have long underserved this market, as well as challengers from Starling, Monzo and Revolut that serve SMEs from departure as a consumer. bank first.
Davies says Just Cashflow’s goal is to “compete for market share” by combining the group’s lending prowess now in an even more accessible format for time-pressed businesses.
“Embracing new technology and understanding how it can really help existing and potential customers is a powerful combination,” Davies said.
“This is especially true when it allows you to identify and support companies that have the propensity to succeed.”