Fintech saving UK firms £4.6bn annually

About two-thirds of UK firms are embracing fintech, saving themselves a collective £4.6 billion a year, a survey published today has revealed.

Business finance company Marketinvoice said 77 per cent of UK businesses are aware of fintech products and services, with 65 per cent having adopted at least one application and a fifth taking on four. Adopters reported saving more than £5,500 a year on average as result, equating to £4.6bn.

Themostpopularreasongiven for being drawn to fintech, at 56 per cent, was because it saves time and money, and businesses reported using fintech products and services for banking transactions (23 per cent) and foreign exchange services (16 per cent).

Meanwhile, a quarter reported using cloud-based software for accounting, a third used online lenders for business loans or invoice finance and a fifth expected cryptocurrencies such as bitcoin to feature in their payment transactions over the next 12 months.

Anil Stocker, chief executive and co-founder of Marketinvoice, said: “We know that consumers have been adopting tech applications into all parts of their lives, but our research shows that now UK businesses are also becoming tech-savvy.”

“Fintech applications are revolutionising the way business is being done, from how employees report their expenses to the way businesses report their financial performance. Entrepreneurs always seek out the best means to drive their businesses and clearly fintech products and services are becoming a stable part of this approach.” 0 Marketinvoice CEO and co-founder Anil Stocker