Just Cashflow is using augmented intelligence (AI) to proactively identify new companies that have the greatest potential to be successful.
AI searches online footprint of newly registered companies – including their social media presence - for positive indicators.
Start-up businesses are often rejected by traditional lenders who require 2+ years accounts. Most rely on friends, family or personal borrowing.
Alternative lender Just Cash Flow PLC has begun harnessing augmented intelligence (AI) to identify promising startups through their online footprint – including social – and approach them directly.
Start-ups are usually caught in the catch-22 situation of being unable to access financial support, because lenders traditionally request two or more years of accounts to indicate healthy trading. However, the odds are stacked against such businesses if they can’t access the funding they need to invest and grow.
In fact, it’s estimated that more than half of SMEs in the UK have been denied bank loans in their early days. This lack of fiscal support has driven two-thirds (60%) of small businesses to dip into their own pockets, with many using savings or even re-mortgaging their homes.1
Just Cashflow’s AI will turn this situation on its head, with promising companies proactively approached with an offer of financial support.
In practice the AI assesses around 16,000 new companies that register with Companies House each week. Thousands of data points are analysed including directors’ online footprint, incorporating company websites and social media platforms such as LinkedIn. This produces a ‘Propensity Index’ that shows the businesses that have the greatest potential to be successful in the future. Highly skilled business underwriters then review this shortlist, with the most promising companies approached.
For example, a new business consultancy focusing on the energy sector wouldn’t usually be able to attract immediate financial support. But because Just Cashflow’s new system looks over associated online materials, it would find that the lead director once held an extremely senior position with a major oil company and is incredibly well connected.
This would then significantly increase the propensity for this new business to be successful in the eyes of the AI. While obvious upon explanation, 16,000 weekly registrations would prove impossible to wade through manually.
Just Cashflow Executive Chairman John Davies, explains: ““This type of new business and thousands like them are simply invisible to traditional lenders. And if the owners go looking for financial support, they’re almost certain to get a ‘computer says no’ response. "
"The innovative use of AI enables us to turn startup business lending on its head by finding these businesses that would otherwise be rejected but are viable lending partners. It would be impossible to do this without harnessing new technology even if you employed hundreds of additional staff.
“AI does the heavy-lifting to find the right targets, and our highly experienced underwriters make the ultimate lending decisions.”
The initial support that Just Cashflow is offering includes a £25,000 line of credit (that works the same as a traditional bank overdraft) alongside a range of free anti-fraud tools to assess customers or suppliers - and access to other services as required, such as foreign exchange for companies trading outside of the UK.
We partner with ambitious, well run businesses by providing fast flexible financial help to ensure sustainable long term growth and prosperity. Our principal product is our Revolving Credit Facility that works in exactly the same way as a traditional bank overdraft.
We employ a combination of technology to quickly assess if businesses qualify for our flexible finance options. Highly experienced business underwriters then take the time to show genuine interest in potential customers’ businesses and recommend the appropriate facility.
Increasingly, we are now offering additional banking services to our customers that they tell us they would value.
1. Sage Europe SME research, September 2015 and October 2019.
Date Issued Feb 2020.
Just scroll through the timeline for all our news and video.
The Revolving Credit Facility Limit is now £1m in order to help SMEs deal with the fallout from COVID-19Read More
Watch the TFT Webinar ReviewRead More
Government must extend loan guarantee scheme to new lenders to save businesses, says the Alternative Association of Businesss Finance.Read More
In the battle against annual £1.5bn SME losses from fraud,1 Just Cashflow provides ‘first line of defence’ software and expertise free to all customers.Read More
elping bridge the SME knowledge gap, which will become increasingly important post-BrexitRead More
Achieved though investments made in people, infrastructure and technologyRead More
Good Business Is All About Developing Good Relationships. There are many factors that contribute to developing and growing a business; having enough funding to support the business in its growth phase, managing day to day cash flow and employing the right people, to mention just a few.Read More
This is for the second successive month - the first time this has been achievedRead More
JLG Group PLC is one of the seven founder members of the newly launched Association of Alternative Business Finance (AABF).Read More
The parent company of Just Cash Flow PLC has become a benefactor of 'Project Rome', a campaign from the Emerging Payments Association (EPA) lobbying for fairer access to payments infrastructure through FinTech providers.Read More
John Davies was interviewed by Credit Collections & Risk magazine.Read More
We've become Europe's first alternative lender to provide card access to business finance for use at point of sale.Read Now
John Davies, director of JLG Group PLC, was interviewed by This Is Money.
He shares his top tips on what you can do to make your business seem more appealing to lenders - so that your application for a loan is more likely to be accepted.This Is Money website
According to research conducted by Just Cash Flow PLC. Fewer UK businesses would fail if owners had more knowledge of the world of business prior to taking the plunge and setting up themselves, according to two thirds (63%) of SME owners.Read Now
The key to unlocking billions of pounds in UK property professionals' portfolios is being provided by Just Cash Flow PLC at the NACFB Expo conference on 17th June.Read Now
One of the first questions Just Cash Flow PLC asks a prospective customer is have they approached their Bank. However, it is clear that alternative lenders provide a much faster solution and are well positioned to serve and understand small businesses.Read More
UK businesses keen to grow and expand are set to benefit from an innovative linkup between leading P2B crowdlending platform FundingKnight and alternative finance provider Just Cash Flow PLC.Read Now
The feedback was unanimous to Bridging and Commercial's poll...Read More
The Business Show 2014 OlympiaWatch Now
Interviewed by Britain Means Business.Watch Now
As industry debates circulate about the value of the human touch versus technology, commercial lender Just Cashflow has proved its positioning on business relationships by prepping to recruit 8 more Business Development Managers.Read More
For Professional Firms to cover late payment of fees to them OR for their clients so that they can pay their fees on time.Read More
Alternative lenders such as Just Cash Flow are in a privileged and responsible position as we get to see the plans of businesses keen to invest and grow. Many are well thought out, based on...Read More
"Too many small businesses don't survive"Read More
Just Cashflow's twitter interview with Bizitalk discussed whether a national qualification for company Directors should exist?Read More
Then get credit worthy.Read More
Just Cash Flow PLC launched in the UK in early 2014. Marketing Director John Davies reflects on experience to dateRead More
Just Cash Flow PLC has added a new product to its expanding portfolio of facilities designed to help UK businesses fund their growth.Read More
After passing £1 million in lending this June, Just Cashflow has now accelerated through the £3 million milestone in what is usually a quiet month for the industry.Read More
Just Cashflow has been revealed as the latest sponsor of the highly anticipated 2014 Finance Professional ShowRead More
Just Cash Flow PLC has announced it is celebrating its first million pound milestone, after only soft-launching in March.Read More
Insights is Just Cashflow's online resource and information centre for ambitious growing businesses.
It offers inspirational profiles, expert knowledge and more, backed up by a range of briefings, checklists and other information that we hope will help you to develop your business.