Networking group promotes diversity in asset finance

The asset finance industry in the UK is currently facing a raft of challenges which includes the adoption of new technology, the need for new finance products and a radical refocus on customer experience. Furthermore, it is increasingly apparent that the future of the sector will also depend on creating a more inclusive working environment, made up of a mix of individuals from many different backgrounds. In response to this diversity challenge, Ylva Oertengren, chief operating officer at Simply, organised an event called ‘The Network’ in London which was attended by more than 30 senior female executives from a range of high-profile asset finance and alternative lending firms.

Networking group promotes diversity in asset finance

Oct 14, 2019

The asset finance industry in the UK is currently facing a raft of challenges which includes the adoption of new technology, the need for new finance products and a radical refocus on customer experience. Furthermore, it is increasingly apparent that the future of the sector will also depend on creating a more inclusive working environment, made up of a mix of individuals from many different backgrounds. In response to this diversity challenge, Ylva Oertengren, chief operating officer at Simply, organised an event called ‘The Network’ in London which was attended by more than 30 senior female executives from a range of high-profile asset finance and alternative lending firms.

Less talking and more doing: Leaseurope Convention addresses the hard realities of delivering change

For all of the talk about digitalisation, servitisation, collaboration, subscription finance, circular economy, sharing assets, green leasing and other trends, how ready are European lessors to change their businesses in preparation for a new era of leasing? Proving the business case for change and then successfully delivering it was a key topic as this year’s Leaseurope Convention in Budapest, Hungary. Industry expert Julian Rose provides his thoughts on the key themes from the conference.

Less talking and more doing: Leaseurope Convention addresses the hard realities of delivering change

Oct 14, 2019

For all of the talk about digitalisation, servitisation, collaboration, subscription finance, circular economy, sharing assets, green leasing and other trends, how ready are European lessors to change their businesses in preparation for a new era of leasing? Proving the business case for change and then successfully delivering it was a key topic as this year’s Leaseurope Convention in Budapest, Hungary. Industry expert Julian Rose provides his thoughts on the key themes from the conference.

Cash is king for UK SMEs ahead of Brexit

UK businesses are keeping cash close at hand and limiting their use of business savings accounts, according to new research. Hampshire Trust Bank’s latest annual SME Savings Tracker found that businesses have been reducing their savings balances over the past two years as they look to pay off outstanding loans and pursue investments. Factors behind the trend include Brexit, with the UK’s current departure deadline of October 31 fast approaching. More than one-third of businesses expressed concern about the impact of Brexit on the short-term economic outlook.

Cash is king for UK SMEs ahead of Brexit

Oct 12, 2019

UK businesses are keeping cash close at hand and limiting their use of business savings accounts, according to new research. Hampshire Trust Bank’s latest annual SME Savings Tracker found that businesses have been reducing their savings balances over the past two years as they look to pay off outstanding loans and pursue investments. Factors behind the trend include Brexit, with the UK’s current departure deadline of October 31 fast approaching. More than one-third of businesses expressed concern about the impact of Brexit on the short-term economic outlook.

 

New position paper suggests AI offers both risks and rewards for asset finance

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

New position paper suggests AI offers both risks and rewards for asset finance

Oct 09, 2019

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

 
 
 
 

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UK SMEs overcome Brexit fears to seek investment for growth

The growth and funding ambitions of SMEs have strengthened during 2019 despite the uncertainty caused by Brexit negotiations. According to a new report from asset-based lender Independent Growth Finance (IGF), almost three quarters (73%) of small businesses expect to see their revenues climb in the next 12 months, compared to 69% at the start of the year. Of those seeking to raise funds to support growth, the average amount has also increased by 22%, or £250,000. Three-quarters of businesses are looking to secure funds in the next 12 months. On average, they are seeking £1.4 million.

UK SMEs overcome Brexit fears to seek investment for growth

Oct 11, 2019

The growth and funding ambitions of SMEs have strengthened during 2019 despite the uncertainty caused by Brexit negotiations. According to a new report from asset-based lender Independent Growth Finance (IGF), almost three quarters (73%) of small businesses expect to see their revenues climb in the next 12 months, compared to 69% at the start of the year. Of those seeking to raise funds to support growth, the average amount has also increased by 22%, or £250,000. Three-quarters of businesses are looking to secure funds in the next 12 months. On average, they are seeking £1.4 million.

TSB and Vocalink announce new partnership to combat payment fraud

Retail and commercial bank TSB is implementing a new security solution to combat payment fraud. The bank is launching ‘confirmation of payee’ for its customers in partnership with payment systems provider Vocalink. The enhanced layer of security helps prevent banks’ digital customers from sending money to the wrong bank account or falling victim to payment fraud.

TSB and Vocalink announce new partnership to combat payment fraud

Oct 11, 2019

Retail and commercial bank TSB is implementing a new security solution to combat payment fraud. The bank is launching ‘confirmation of payee’ for its customers in partnership with payment systems provider Vocalink. The enhanced layer of security helps prevent banks’ digital customers from sending money to the wrong bank account or falling victim to payment fraud.

Leasing Legends – CSI Leasing part 4 – A global business

Global commercial equipment finance expert Bob Rinaldi has launched a series of video interviews – called Leasing Legends – engaging with some of the key influencers in the finance industry. In the fourth and final in a series of discussions with Arnaldo Rodriguez, president of CSI Leasing, he discusses CSI’s global footprint and its unique position in the market.

Leasing Legends – CSI Leasing part 4 – A global business

Oct 11, 2019

Global commercial equipment finance expert Bob Rinaldi has launched a series of video interviews – called Leasing Legends – engaging with some of the key influencers in the finance industry. In the fourth and final in a series of discussions with Arnaldo Rodriguez, president of CSI Leasing, he discusses CSI’s global footprint and its unique position in the market.

 

Why ‘think digital’ is a vital strategy for servitization success

Finance providers and auto dealers will need to adapt their business offering as a growing proportion of customers switch from vehicle ownership to usage-based services. A vital element of this change is ‘thinking digital’ to ensure services remain relevant to the connected consumer. This growing community is already comfortable with pay-on-use services such as mobile phones and expects digital services to provide added value and a great user experience.

Why ‘think digital’ is a vital strategy for servitization success

Sep 30, 2019

Finance providers and auto dealers will need to adapt their business offering as a growing proportion of customers switch from vehicle ownership to usage-based services. A vital element of this change is ‘thinking digital’ to ensure services remain relevant to the connected consumer. This growing community is already comfortable with pay-on-use services such as mobile phones and expects digital services to provide added value and a great user experience.

 
 
 

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Gavin Wraith-Carter breaks the mould with new payment plan

The UK equipment finance industry has frequently been accused of lacking flexibility in the range of products it offers its customers. Hire purchase and finance leasing often fall short of allowing corporates the ability to seize opportunities to scale up as and when they occur – and permitting repayment capabilities to fit marketplace fluctuations. Hitachi Capital Business Finance (Hitachi Capital) is seeking to redress this with the launch of its Smart Funding flexible payment plan. The aim is to allow small businesses to create their own bespoke repayment schedule for finance that reflects their cash flow forecasting and the seasonality of their business.

Gavin Wraith-Carter breaks the mould with new payment plan

Oct 11, 2019

The UK equipment finance industry has frequently been accused of lacking flexibility in the range of products it offers its customers. Hire purchase and finance leasing often fall short of allowing corporates the ability to seize opportunities to scale up as and when they occur – and permitting repayment capabilities to fit marketplace fluctuations. Hitachi Capital Business Finance (Hitachi Capital) is seeking to redress this with the launch of its Smart Funding flexible payment plan. The aim is to allow small businesses to create their own bespoke repayment schedule for finance that reflects their cash flow forecasting and the seasonality of their business.

Toyota acquires Inchcape Fleet Solutions for £100m as part of global mobility strategy

Automotive dealer group Inchcape has sold its leasing and fleet management business to Toyota for £100 million as part of a strategic review. The sale of Inchcape Fleet Solutions to the manufacturer’s Toyota Fleet Mobility arm will see Inchcape focus on its core distribution operations in the latest in a series of disposals, including less productive dealerships in the UK along with sites in Australia and China. Toyota Fleet Mobility is a joint venture of Toyota Financial Services and Toyota Motor Europe that was established in 2018 to develop full service leasing products for customers in Europe. The IFS business leases fleet vehicles and provides fleet management services to B2B customers, including Toyota.

Toyota acquires Inchcape Fleet Solutions for £100m as part of global mobility strategy

Oct 11, 2019

Automotive dealer group Inchcape has sold its leasing and fleet management business to Toyota for £100 million as part of a strategic review. The sale of Inchcape Fleet Solutions to the manufacturer’s Toyota Fleet Mobility arm will see Inchcape focus on its core distribution operations in the latest in a series of disposals, including less productive dealerships in the UK along with sites in Australia and China. Toyota Fleet Mobility is a joint venture of Toyota Financial Services and Toyota Motor Europe that was established in 2018 to develop full service leasing products for customers in Europe. The IFS business leases fleet vehicles and provides fleet management services to B2B customers, including Toyota.

Alfa expands European footprint as it adds two major clients

Financial software company Alfa has gone live with two large-scale equipment finance providers, which adds a number of new European countries to its global footprint. With one client, a leading European transport financing company, Alfa completed a major systems replacement project to upscale operational efficiency in the Netherlands, Latvia, Romania and Ireland. This provides the platform to roll out the company’s Alfa Systems software for a further nine portfolios across Europe. The client has fully integrated contract management, invoicing and CRM, incorporating workflow management to ensure improved time to market for new products, and increased revenues through new products and services. A second client, a globally recognised name in agriculture and construction, went live with Alfa Point of Sale in Spain and Germany.

Alfa expands European footprint as it adds two major clients

Oct 09, 2019

Financial software company Alfa has gone live with two large-scale equipment finance providers, which adds a number of new European countries to its global footprint. With one client, a leading European transport financing company, Alfa completed a major systems replacement project to upscale operational efficiency in the Netherlands, Latvia, Romania and Ireland. This provides the platform to roll out the company’s Alfa Systems software for a further nine portfolios across Europe. The client has fully integrated contract management, invoicing and CRM, incorporating workflow management to ensure improved time to market for new products, and increased revenues through new products and services. A second client, a globally recognised name in agriculture and construction, went live with Alfa Point of Sale in Spain and Germany.

 

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Bibby Financial Services research finds political uncertainty and rising costs causing global concern for SMEs

Political uncertainty and rising raw material costs are causing increasing concern among SMEs throughout the world, according to new research. The Global Business Monitor study from Bibby Financial Services, in partnership with trade credit insurance provider Euler Hermes, surveyed more than 2,300 SMEs in 13 countries across Asia, Europe and North America. It found two-fifths of businesses (42%) believe rising costs and overheads are their greatest challenge. Government regulation (36%) and cashflow (32%) were also cited in the top three concerns in 2019. When asked for the top three threats to global economic growth in 2019, political uncertainty in the U.S. (42%), Brexit (35%) and rising raw material costs (23%) featured most frequently. Despite concerns about the knock-on effects of global uncertainty, almost half of companies say they believe their business performance will improve in the next 12 months.

Bibby Financial Services research finds political uncertainty and rising costs causing global concern for SMEs

Oct 09, 2019

Political uncertainty and rising raw material costs are causing increasing concern among SMEs throughout the world, according to new research. The Global Business Monitor study from Bibby Financial Services, in partnership with trade credit insurance provider Euler Hermes, surveyed more than 2,300 SMEs in 13 countries across Asia, Europe and North America. It found two-fifths of businesses (42%) believe rising costs and overheads are their greatest challenge. Government regulation (36%) and cashflow (32%) were also cited in the top three concerns in 2019. When asked for the top three threats to global economic growth in 2019, political uncertainty in the U.S. (42%), Brexit (35%) and rising raw material costs (23%) featured most frequently. Despite concerns about the knock-on effects of global uncertainty, almost half of companies say they believe their business performance will improve in the next 12 months.

Mike Aitchison joins senior team at CBC

CBC has appointed Mike Aitchison as senior consultant. He has more than 12 years’ experience in financial services recruitment and before joining the profession spend nearly a decade working for Bank of Scotland in a variety of roles spanning partnerships lending, motor finance, corporate banking and private banking.

Mike Aitchison joins senior team at CBC

Oct 09, 2019

CBC has appointed Mike Aitchison as senior consultant. He has more than 12 years’ experience in financial services recruitment and before joining the profession spend nearly a decade working for Bank of Scotland in a variety of roles spanning partnerships lending, motor finance, corporate banking and private banking.

IDS acquired by software focused private equity company Thoma Bravo

IDS, the global provider of asset finance software solutions, has been acquired by Thoma Bravo, a software-focused private equity investment firm. Thoma Bravo takes over majority ownership from current investor SV Investment Partners. The new partnership is intended to accelerate growth plans at the software provider, including expansion of cloud-based services and its other core products. Thoma Bravo will partner with the existing IDS management team on strategic growth plans and product development.

IDS acquired by software focused private equity company Thoma Bravo

Oct 08, 2019

IDS, the global provider of asset finance software solutions, has been acquired by Thoma Bravo, a software-focused private equity investment firm. Thoma Bravo takes over majority ownership from current investor SV Investment Partners. The new partnership is intended to accelerate growth plans at the software provider, including expansion of cloud-based services and its other core products. Thoma Bravo will partner with the existing IDS management team on strategic growth plans and product development.

Aldermore extends Simply’s block discounting facility to £30m

Simply, the fast-growing SME equipment finance provider, has received an increase to its funding line from specialist bank Aldermore, which brings the total lending facility to £30 million. The additional £10 million makes Simply one of Aldermore’s most significant block funding partners and the IAFN Award-winning companies say the total facility is one of the largest block discount deals in the market. Mike Randall, chief executive officer of Simply, said: “As a new start company, we were fortunate that Aldermore could support us with a funding line in our first year of trading. What really made Lee and his team stand out was the excellent and friendly service we received and the willingness to increase the support as we grow. Good working relationships are a core part of any partnership. “Simply is revolutionising how SMEs are able to access funding and, as part of this, Aldermore’s facility will enable us to lend and boost our support to more businesses.”

Aldermore extends Simply’s block discounting facility to £30m

Oct 08, 2019

Simply, the fast-growing SME equipment finance provider, has received an increase to its funding line from specialist bank Aldermore, which brings the total lending facility to £30 million. The additional £10 million makes Simply one of Aldermore’s most significant block funding partners and the IAFN Award-winning companies say the total facility is one of the largest block discount deals in the market. Mike Randall, chief executive officer of Simply, said: “As a new start company, we were fortunate that Aldermore could support us with a funding line in our first year of trading. What really made Lee and his team stand out was the excellent and friendly service we received and the willingness to increase the support as we grow. Good working relationships are a core part of any partnership. “Simply is revolutionising how SMEs are able to access funding and, as part of this, Aldermore’s facility will enable us to lend and boost our support to more businesses.”

Bynx enhances user experience with latest software release

Software solutions provider Bynx has released the latest version of its flagship fleet and mobility management package. The latest update (Version 12.10) includes new features focusing on the importance of user experience, such as improved design, advanced compliance with World Harmonised Light Vehicle Test Procedure (WLTP), enhanced remarketing functionality, in-built inspections, carpooling capability, broker apps and updated reports. Gary Jefferies, sales and marketing director at Bynx, said: “Alongside fortifying Bynx in terms of its mobility management capability, we are focused on the end-user experience in this release.

Bynx enhances user experience with latest software release

Oct 07, 2019

Software solutions provider Bynx has released the latest version of its flagship fleet and mobility management package. The latest update (Version 12.10) includes new features focusing on the importance of user experience, such as improved design, advanced compliance with World Harmonised Light Vehicle Test Procedure (WLTP), enhanced remarketing functionality, in-built inspections, carpooling capability, broker apps and updated reports. Gary Jefferies, sales and marketing director at Bynx, said: “Alongside fortifying Bynx in terms of its mobility management capability, we are focused on the end-user experience in this release.

New finance tool from Siemens Financial Services supports growth at IndustrialComms

A newly-launched product from Siemens Financial Services is enabling growth at industrial communications products distributor IndustrialComms. Extended Payment Terms was launched earlier this year to regular buyers of Siemens’ products as a way to help their cash flow. IndustrialComms found that the levels of investment required to meet demand were putting pressure on the company’s finances. The extended terms arrangement has allowed it to take on projects that would otherwise have been unattainable.

New finance tool from Siemens Financial Services supports growth at IndustrialComms

Oct 07, 2019

A newly-launched product from Siemens Financial Services is enabling growth at industrial communications products distributor IndustrialComms. Extended Payment Terms was launched earlier this year to regular buyers of Siemens’ products as a way to help their cash flow. IndustrialComms found that the levels of investment required to meet demand were putting pressure on the company’s finances. The extended terms arrangement has allowed it to take on projects that would otherwise have been unattainable.

 

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Stripe raises $250m to expand services

Online payments platform Stripe has raised $250 million in a new funding round to power global gro...

British Business Investments provides £25m to Kingsway Finance to support SMEs

British Business Investments (BBI) is providing £25 million of funding to asset finance provider K...

Car subscription app Fair in tie-up with RouteOne dealership platform

Vehicle subscription app Fair has announced an integration with RouteOne, one of the automotive in...

cap hpi warns of increased market volatility in used car market

The UK used car market has becoming increasingly complex and volatile since the start of the year,...

 

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