Neotrade Bank Fires Up on Trade Finance Quest

"Small and medium-sized businesses are the backbone of global trade."

Trade finance and the SME sector are on the agenda with Neotrade Bank powering up in the lively city of Manchester.

Neotrade is clear about what it can offer – and it’s a straightforward matter. The digital trade financing bank focuses on lead generation and pre-screening of SMEs financing requests. Neotrade will provide AI-based scoring for SMEs.

The fintech startup states: “Small and medium-sized businesses are the backbone of global trade. Almost half of the worldwide trade volumes come from this segment. At the same time, many SMBs are struggling to get the financing they need, as banks are not able to process most of the request.”

It doesn’t cite a source, but Neotrade reckons over 40% of financing requests get rejected automatically. By speeding up the process, it wants to tap into this demand and offer its own form of financing.

Neotrade adds: “We believe that international trade is a key driver for development around the globe. Businesses must have access to a steady cash flow all year round. In the face of the unforeseen, the conventional norm is to watch, wait and lie low. We want to help businesses stay safe while moving ahead of all disruptions.”

  • Check out other fintech companies in Manchester to watch here

The concept of targeting SMEs and the trade finance sector has proved attractive to other firms in the UK.

Also this week, and in another scoop, eWeek UK discovered Actio Group. The Anglo-Chinese startup offers international payments, collections, FX risk management and trade finance.

Earlier this year, London-based challenger bank Leatherback powered up to offer its cross-border trade services to businesses and individuals in the UK and beyond.

Based on Companies House data, Neotrade is the creation of Amit Garg and Sibekezele Vuma. Neotrade’s legal name is V22 Global.

Manchester is a place full of tech and fintech talent.

Earlier this month, eWeek UK featured tech and fintech companies to watch in the city.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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