Platform Black introduces fixed pricing across its financial solutions

Platform Black introduced fixed pricing to ensure more UK SMEs gain access to funding with greater clarity of price.

The new initiative comes as part of the firm’s focus on improving the service they provide to both funders and SMEs by ensuring the fees charged for finance and the return that funders will achieve are defined and transparent.

Businesses registered on the marketplace can submit invoices and request funding at a fixed price, which is agreed upfront. Funders will offer finance against the invoice. Once the amount of funding required has been reached the auction will close.

This removes the uncertainty around what price the business will pay for funding, which traditionally has been set at a higher rate to attract funders but bid down by competing funders trying to secure the opportunity.

The new initiative is available for businesses looking to access on average between GBP 5,000 and GBP 10 million of funding and for both Platform Black’s funding solutions: single invoice trading and supply chain finance.

In August 2016, Platform Black achieved a new funding of over GBP 10 million of funding transacted, bringing the total amount of funding provided to SMEs to over GBP 144 million.