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Watch out for Tide and Starling, the SME bank has just had a new entrant.
Image source: John Davies / Just Cashflow.
Business lender Just Cashflow takes a big leap into the world of SME banking with the launch of its own business account, AltFi exclusive can 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 customers. Xero, Sage and A3 accounting pages.
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 as a traditional overdraft.
“During the lockdown, we accelerated our plans to bring a new corporate account to market and the timing couldn’t be better for hard-pressed SMEs,†said John Davies, executive chairman of Just Cashflow.
“Our new business account is designed for small business owners, who need to be in charge of finance, human resources, marketing, etc., often on the same day. This means that they can miss the telltale signs that indicate that they might be about to have cash flow problems. “
Working with Railsbank and TOQIO to create the account, Just Cashflow also included several new features to help their account stand out from Tide and Starling Bank, like auto check-in 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 demands of offering Bounce Back loans to their existing customers.
“This has accelerated a trend where traditional banks are moving away from S support in SMEs,” Davies added.
Just Cashflow’s entry into the corporate banking space is another boost from both high street banks that have long underserved this market, as well as challengers from Starling, Monzo and Revolut who have been serving SMEs for a long time. their starting position 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 into an even more accessible format for time-pressed businesses.
“Adopting 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 businesses that have the propensity to succeed. “
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