“ [ crowdfunding provides ] substantial sources of funding for consumers , startups , small and medium sized enterprises , and industrial verticals ranging from the manufacturing sector to creative industries ”
“ [ crowdfunding provides ] substantial sources of funding for consumers , startups , small and medium sized enterprises , and industrial verticals ranging from the manufacturing sector to creative industries ”
— Dr Robert Wardrop , Director , Cambridge Centre for Alternative Finance
Crowdfunding fintechs sat neatly at the intersection , providing lifelines to businesses struggling with the new pressures of the COVID-19 pandemic , and acting as a portal for fintech startups to get up and running . “ During the crisis , equity crowdfunding sites , peer-to-peer lending and invoice trading platforms have been successful in providing SMEs with funding solutions that use technology to offer speed , transparency and flexibility for financing that would otherwise not be available to them ,” says Ian Duffy , CEO of Accelerated Payments . “ Fintechs like these have been able to disperse funds with government schemes quicker than banks because they ’ ve automated onboarding , ID verification and instant bank account set ups .”
But Duffy believes not enough is being done to businesses seek this alternate route to survival and prosperity . “ Awareness among business owners of these new funding options remains low . We need to change this during this pandemic – not only for the survival of these companies , but for our economy as well ,” he says .
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