multifi Announces Strategic Integration with Plaid to Revolutionise Financial Access for UK SMEs

multifi, a leading innovator in business finance solutions, is proud to announce a strategic partnership with Plaid, a data network powering the digital financial ecosystem. This integration is set to transform the financial landscape for UK SMBs by addressing the primary challenge of lengthy finance applications, a significant barrier identified by 62% of small businesses in a recent study by the Federation of Small Businesses (FSB).

The integration of multifi to the Plaid network aims to directly tackle the lengthy process of financial applications, which has been a significant hurdle for small businesses seeking financial services. The integration with Open Banking enables multifi to efficiently evaluate the financial health of small businesses by analysing their financial activity from various banks, including Barclays, HSBC, Lloyds Bank, Halifax, Santander, Natwest, and Monzo. Leveraging Plaid’s cutting-edge open banking technology, multifi will dramatically streamline the application process, enabling quick, secure, and seamless financial data sharing. This innovation reduces the time and effort required to apply for finance. It opens a new realm of personalised financial services for SMBs, directly addressing the friction points in accessing financial support.

Utilising open banking, multifi can now offer even more personalised finance solutions, leveraging technology to continually assess the ongoing health of SMBs. This approach enables multifi to identify opportunities for extending credit limits based on company performance, ensuring SMBs can access the financial support they need to grow and thrive.

The collaboration harnesses the power of open banking to offer unparalleled benefits to SMBs, including:

•       Reduced Application Times: Dramatically shortens the finance application process, making it quicker and more efficient for businesses to access the funds they need.
•       Personalised Financial Products: Enables the development of more tailored financial products and services by providing lenders with a comprehensive understanding of each business’s financial health.
•       Enhanced Data Control and Security: Offers secure data sharing that lets businesses control their financial information, enhancing trust and transparency in financial transactions.
•       Improved Financial Management: Facilitates better financial management and decision-making for SMEs by providing detailed insights into their financial data.

Rob Keown-Boyd, CEO of multifi, highlighted the importance of this partnership, “By collaborating with Plaid, we are not just simplifying the finance application process; we are fundamentally changing how UK SMEs access and manage their finances. This is about offering a faster, more intuitive, and secure way for businesses to grow and thrive, especially during these challenging economic times.”