This partnership marks a significant leap forward for UK SMBs, targeting the main obstacle of protracted finance application processes - a hurdle for 62% of small businesses as highlighted by a Federation of Small Businesses (FSB) survey.

By integrating with the Plaid network, multifi addresses the cumbersome financial application procedures that small businesses often face. Thanks to Open Banking, multifi can now swiftly and accurately assess the financial health of SMBs by analyzing their financial transactions across multiple banks, such as Barclays, HSBC, Lloyds Bank, Halifax, Santander, Natwest, and Monzo. With Plaid's advanced open banking technology, multifi is set to revolutionize the application process, offering a faster, more secure, and frictionless way to share financial data. This pivotal integration not only simplifies the finance application journey but also paves the way for bespoke financial services for SMBs, effectively removing obstacles to accessing financial support.

Leveraging the capabilities of open banking, multifi is now poised to deliver even more tailored financial solutions. By employing technology to monitor the ongoing financial health of SMBs, multifi can proactively identify opportunities to adjust credit limits in line with company performance. This ensures that SMBs have the necessary financial resources to expand and prosper, aligning with their growth trajectories.

The collaboration harnesses the power of open banking to offer unparalleled benefits to SMBs, including:

• Reduced Application Times: Dramatically shortens the finance application process, making it quicker and more efficient for businesses to access the funds they need.
• Personalised Financial Products: Enables the development of more tailored financial products and services by providing lenders with a comprehensive understanding of each business's financial health.
• Enhanced Data Control and Security: Offers secure data sharing that lets businesses control their financial information, enhancing trust and transparency in financial transactions.
• Improved Financial Management: Facilitates better financial management and decision-making for SMEs by providing detailed insights into their financial data.

Rob Keown-Boyd, CEO of multifi, highlighted the importance of this partnership, "By collaborating with Plaid, we are not just simplifying the finance application process; we are fundamentally changing how UK SMEs access and manage their finances. This is about offering a faster, more intuitive, and secure way for businesses to grow and thrive, especially during these challenging economic times."