AltFi.com uses cookies on this website. They help us to know a little bit about how you use our website, which improves the browsing experience and marketing - both for you and for others. They are stored locally on your device. By continuing to use this site you accept this use of cookies. Go to the Privacy and Cookies page for more information. You'll see this message only once.
Not signed in. Log in here.

Your daily download of all things alternative finance and fintech, from us at AltFi


 

Alternative lenders weigh in on hung parliament




By Ryan Weeks on 9th June 2017

Source: https://goo.gl/PbqaXk

UK fintech lender calls for new government to be formed “as a matter of urgency”.

 

Two of the UK’s direct lending platforms have offered their thoughts on the impact of the unexpected hung parliament election result.

 

Fleximize and Spotcap are alternative business lenders which write loans using their own balance sheets. The former operates exclusively in the UK, the latter is active across the UK and Europe.

 

Fleximize’s founder Peter Tuvey has accused Theresa May of putting her own political interests ahead of the needs of the economy and the British public, and says that she has now paid “a huge price” for doing so.

 

“It’s now imperative that a new government is formed as a matter of urgency, so that we can enter balanced Brexit negotiations with some semblance of confidence,” he added.

 

Tuvey had been hoping to provide comment on what the election result would mean for Britain’s technology businesses, but has conceded that it “remains to be seen” what the impact of the hung parliament result will be.

 

It seems that business lenders all across the non-bank spectrum are uneasy about the result, fearing that it will put small businesses’ growth plans on ice, meaning less cause for borrowing.

 

Meanwhile, Niels Turfboer, manging director of UK and Benelux at Spotcap, is already looking ahead.

 

“Over the coming years, the new government will play a major role in negotiating the UK’s relationship with Europe and the rest of the world,” he said. “By doing so, it must factor in the interests of the fintech sector and ensure easy access to foreign markets as well as the ability to retain and attract foreign workers.”

 

Comments


Enter your name:

Enter a comment in the box below: