Exclusive: Just Cashflow partners with Railsbank to launch business account

Watch out Tide and Starling, SME banking just got a new entrant.

Business lender Just Cashflow is making a big move into the world of SME banking with the launch of its own business account, AltFi can exclusively reveal.

The new business banking account boasts all the features we’ve come to expect from a modern business account, from a sort code and account number to debit cards, faster payments standing orders and data sharing with accountancy pages from Xero, Sage and A3.

Just Cashflow’s addition to the mix is that its account is also combined with the lender’s existing revolving credit facility, which works in the same way as a traditional overdraft.

”During the lockdown we accelerated our plans to bring a new business account to the market and the timing couldn’t be better for hard pressed SMEs,” said John Davies, executive chairman of Just Cashflow.

“Our new business account is designed with small business owners in mind, who through necessity have to be head of finance, HR, marketing, etc, often all on the same day. This means they can miss the tell-tale signs that signal they may be about to have cash flow challenges.”

Working with Railsbank and TOQIO to build the account, Just Cashflow has also included several novel features to help its account stand apart from the likes of Tide and Starling Bank, like auto-logging expenses and a tight integration with its credit facility.

Just Cashflow’s new account is accessed by web and smartphone app, and also comes with UK-based telephone support.

The launch comes at a time when most traditional banks have closed their doors to new business customers, as a result of the huge administrative demands of offering Bounce Back Loans to their existing customers.

“This has accelerated a trend where traditional banks have been moving away from supporting the S in SME,” added Davies.

Just Cashflow’s entry into the business banking space is yet another shot across the bow both of high street banks who’ve long underserved this market, as well as challengers from Starling, Monzo and Revolut who’re serving SMEs from the starting position as a consumer bank-first.

Davies says that Just Cashflow’s goal is to “compete for market share” by combining the group’s lending prowess now in a format even more accessible for time-pressed businesses.

“Embracing new technology and understanding how it can really help existing and potential customers is a powerful combination,” said Davies.

“This is especially true when it allows you to identify and support those businesses that have the propensity to be successful.”