GFA Exchange chosen to tackle COVID-19 impact on SME finance
We are pleased to announce that we have been selected by Innovate UK, the UK’s innovation agency, to receive funding from a designated £40million fund competition designed to boost economic recovery from the impact of COVID-19.
We were chosen from over 8, 600 UK applications (the number of applications is more than had applied to all Innovate UK competitions across the previous 12 months combined), for our innovative approach of using data intelligence with the latest in machine learning technology, to help financial lenders tackle the issue of access to finance for SMEs affected by COVID-19.
Innovate UK Executive Chair Dr. Ian Campbell, said: “The COVID-19 situation affects not only the nation’s health but also the economy and society. Businesses from all over the UK answered our call rapidly to meet the challenges we face today and in the future through the power of innovation.”
Companies applied in April to the special fast-track competition, with funds being part of the £1.25 billion coronavirus package first announced by the Chancellor Rishi Sunak to help UK businesses driving innovation and development.
Our CEO stated “Following record-breaking levels of interest from across the UK, we are proud that our business has been selected to drive forward new technological advances within financial services in these challenging times, and beyond.
By helping lenders access deeper intelligence on businesses with less risk and cost, we will help to ensure that more SMEs receive the support that they need to achieve their growth ambitions!”
Ewa Bloch, Regional Manager for Innovate UK said "Financial services require new and innovative ways, to help SMEs access the finance they need to grow. We are absolutely delighted to be able to support GFA Exchange for its unique and inclusive use of data intelligence technology, to help financial firms respond to business finance needs at scale.”
We are also providing the opportunity for 10 financial lenders to benefit directly from their innovation over the next six months. For further information on how your organisation can be involved, email Joel Blake OBE direct on email@example.com