Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Revolut, Klarna, HedgeFlows and Know-it.
SME owners struggle to expand overseas
Fintech platform HedgeFlows has revealed that 65 per cent of UK SME owners admitted that their company lacks the financial expertise necessary to operate overseas.
Meanwhile, HedgeFlows’ survey of 500 UK SME owners found that 72 per cent believe their company does not have the capabilities to manage foreign payments. Seventy-three per cent emphasised the significance of having visibility into their cash flows as a crucial element for the future success of their businesses.
Alex Axentiev, co-founder of HedgeFlows, commented on the findings: “SMEs are key contributors to the UK economy and their full potential is yet to be unlocked.
“The findings highlight a significant knowledge gap within the SME sector when it comes to the means for international expansion. It is increasingly necessary to provide SMEs with the right advice regarding technology and other support. With the right tools and guidance, these businesses can be empowered to seize global opportunities and continue to thrive in today’s interconnected world.”
Revolut launches joint accounts
Leading fintech ‘super app’ Revolut has launched a new Joint Accounts product in the UK, after hitting 100,000 joint users across the EEA.
The new feature enables customers to create an extra account within the Revolut app to be jointly owned by two partners, family members or friends. These new accounts offer customers greater flexibility in managing their finances, through pooling resources and the ability to manage a common budget.
Antonella Benhamou, head of banking tribe and UX product owner at Revolut, said: “We are really excited to be launching Joint Accounts to customers in the UK today, following the successful release of the feature to European markets back in April. As it continues to scale at pace, Revolut is becoming even more social and inclusive to meet the needs of different individuals, relationships and budgets.”
Know-it integrates with QuickBooks
Know-it, a leading Scottish fintech, has launched on the QuickBooks App Store. The move enables QuickBooks users to access the Know-it app directly from the QuickBooks App Store and seamlessly connect their accounts package to the cloud-based credit management platform.
The integration with QuickBooks will enable users to automate the entire credit control process with company credit checking and monitoring, automatic payment reminders and chasers, and a facility to collect overdue invoices, get credit insurance, and invoice finance all in one place.
Lynne Darcey Quigley, CEO and founder of Know-it, said: “One of our missions here at Know-it is to make the tools and information businesses need to improve their credit control processes more affordable and accessible to them of all sizes. With QuickBooks, integrating couldn’t be easier. It’s as simple as clicking a button. In addition to seamlessly integrating with QuickBooks, Know-it provides customers with real-time credit tracking and data intelligence.”
Klarna joins forces with Liberty
Klarna has partnered with the iconic London department store Liberty to help its customers use Klarna’s interest-free payment options and manage their spending through the Klarna app.
The announcement comes as data from Klarna revealed that the majority of customers (42 per cent) would prefer to use BNPL over a credit card (33 per cent) to buy pricier items.
Raji Behal, head of Western and Southern Europe at Klarna, said: “We are proud to partner with London’s iconic Liberty to offer flexible, convenient payments to shoppers looking to purchase high-end items online. We are also seeing consumers of all ages and incomes ditching rip-off credit cards, and recognising the environmental benefits of ‘buy it for life’ with high-quality products in a classic style that will look good for years to come. Our interest-free BNPL products empower consumers to manage finances better, making informed choices that benefit both their wallet and the planet.”
Travelex launches more kiosks in Heathrow
Foreign exchange brand Travelex has launched its automated, self-serve currency kiosk in yet another location. This time, Travelex has set up the kiosk in Heathrow Terminal 2.
Customers will be able to choose from an initial five currencies that reflect the main currency profiles in Terminal 2 (Euro, Swiss Franc, US dollar, Canadian dollar, as well as Australian Dollar).
Richard Wazacz, CEO of Travelex, said: “Convenience is at the heart of our proposition, and so we are really excited to launch a new digital product that complements our existing services and further simplifies our customers’ access to travel money.”
