With The Bank of England announcing that a third of UK small businesses are ‘highly indebted following the pandemic’, SMEs are now not only a vital part of the global economy and supply chain but also support the wellbeing of millions of people around the world. It is therefore imperative that they have access to the right financial services and know-how to meet their needs.
Furthermore, hidden & explicit bank charges and a lack of understanding of the true cost of FX hampers business growth in a global age, while the level of debt from late payments can put many SMEs at risk of failure.
By backing SMEs in Britain and beyond, fintechs can position themselves as agents of positive change at a domestic and international level. In this interview, Polly Jean Harrison, Features Editor at The Fintech Times, speaks with Richard Arundel, Chief Evangelist at Currencycloud and Symmie Swil, Head of SME Banking at Starling Bank to discuss how UK fintech can play its part in working with and empowering UK SMEs
