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Alternative lenders weigh in on hung parliament

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

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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.”

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Niels Turfboer

Managing Director of the UK and Netherlands


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