Fincheck is a financial comparison site and has recently taken over the full management and equity in FundingHub, which now makes it the biggest financial comparison site in South Africa as well as the largest lead aggregator having signed 71 banks, insurers and lenders.
FundingHub aims to meet the needs of small and medium enterprises (SMEs) in South Africa, who are looking for finance to grow their business by offering 30 alternative lenders and banks.
Over the two years that the business has been in operation, it has attracted loan sizes on average of R300 000. The largest loan R72 million. In order for SMEs to apply for funding on the online hub, they must have been in business for at least 12 months and operate with an annual turnover of R1 million.
Fincheck CEO, Michael Bowren said that with FundingHub, SMEs can apply for business finance in under six minutes and can compare multiple accredited finance providers, so that they can make the best choice for their business.
Various forms of finance are available to SMEs, which can then make it difficult for them to choose the lender that is best suited to their business needs. A business may not know if they need unsecured or secured loans, equipment finance, lines of credit, overdrafts and so on. With FundingHub this has been made simple as they filter options and offer quotes from lenders that are the most appropriate for the business.
This means that the SME can apply to more than one lender via FundingHub and can choose the most suitable offer. Also, money can be put into a business account within 24 hours, making the process simpler, quicker and easier.
Fincheck said that would still be offering its core products where consumers can compare personal finance, business finance, vehicle finance, debt consolidation and counselling as well as various insurance products including business insurance, life insurance and funeral cover. They also offer a complete health check.