Monet and Playter drive innovation in SME lending with Wiserfunding partnership
Today Wiserfunding, a leading provider of credit risk assessment for SMEs, announced two new customers using its proprietary technology to support hundreds of SMEs in much need of working capital. Access to this capital will be key to recovery for UK SMEs, especially smaller ones that have been subject to temporary closures or operational adjustments. However, it is also a time full of economic uncertainty and risks that need to be managed appropriately by the lenders.
- Creator economy fintech Monet is using Wiserfunding’s technology to assess the credit risk of creative SMEs, who are using the platform to get invoices paid up front into their Monet account and accessing further financial support.
- The platform gives creative professionals the ability to better control cashflow, to submit any invoice and get paid upfront by Monet within 24 hours, while the data is used to drive faster financial inclusion for creators.
- ‘Hire now, pay later’ platform Playter is using Wiserfunding to assess the credit risk of SMEs looking for Buy Now, Pay Later financing.
- The company enables start-ups to split the cost of professional services invoices over 6 monthly payments at 0% interest, helping SMEs keep cashflows healthy and to grow teams.
This is the perfect time for the inception of new innovative working capital providers like Monet and Playter that can satisfy the demand of a broad range of SMEs. Wiserfunding makes this possible through its unique credit risk assessment for SMEs, ensuring these organisations maximise their value proposition.
By partnering with Wiserfunding, Playter and Monet can ensure the availability of the appropriate credit risk metrics to define their appetite and implement risk-based pricing. This is essential for new players in the market, as it improves the chances of success as an early-stage fintech.
“SMEs’ risk is incredibly hard to detect and it’s almost impossible to find risk experts to specialise in this market,” said Jamie Beaumont, founder and CEO, Playter. “With Wiserfunding, we’re able to get a great view of borrower risk, and therefore make more informed decisions about which companies we work with. Playter is now able to scale in the knowledge that we have the best data to do so.”
“The Wiserfunding platform has been instrumental for our build,” said Jacob Casson, founder, Monet. “Without the data available and the ongoing support from the Wiserfunding team, we’d have struggled to get to market with the quality infrastructure and tools we now have available for our users.”
“We’re delighted to be working with such dynamic and influential fintechs like Monet and Playter as they enter the market,” said Gabriele Sabato, CEO, Wiserfunding. “It’s a privilege to know that these partnerships will maximise the success of SMEs and support the recovery of the wider economy.”