New fintech app to fill gaps in lenders' client knowledge

The cloud-based service uses an API to extract financial data in minutes and present it to the lender in an easy to understand standardised format.

Ledgerflow extracts a prospective borrrower's financial data, with their permission, to gain further insights into the financial health of a business.

Ledgerflow can be used by smaller lenders or multinational banks that offer services such as factoring, asset finance and business loans.

The API, which launches in the UK and Ireland in September, will be available as a Software as a Service.

A white label option, which can be re-branded, allows lenders to evaluate up-to-date business performance directly from SMEs' accounting software without additional development.

Ledgerflow's MD, Adrian Pearson, said: "The relationship between many financial firms and their clients continues to become more distant. High street business banking has more or less disappeared and so has the tradition of lenders getting to really know their clients and concerns.

"Yet, the need to understand a business’s position and needs is as important as ever for lenders. Ledgerflow offers lenders up-to-date and reliable data on which to base critical decisions."

Marketing director, Rob Furness, added: "The open finance tool is emerging as a way to bridge the knowledge gap. We see huge possibilities for financial professionals to gain valuable insights to support their clients more effectively and grow their own services."