Association Meeting

Three lenders join AABF

Three new alternative finance lenders have joined the recently launched Association of Alternative Business Finance (AABF).

Invoice Cycle, Merchant Money and Reward Finance Group are the latest newcomers to the Association, which was introduced in February.

The trio join founder members Capify UK, Catalyst Finance, Credit4, Fleximize, Liberis, The Just Loans Group and YesGrowth.

The Association is looking to give the alternative finance sector a voice and maintain the best standards of practice.

"We are delighted to welcome three new members that clearly support the AABF's ambitions,” said John Davies, chairman of the AABF.

“We have received a lot of interest from a host of other potential members particularly about one of our first initiatives: the creation of a members' centralised database for personal guarantees that will prevent borrowers over committing themselves and help identify potential fraudulent activity."

David Cockle, managing director of Invoice Cycle, said it was delighted to join an Association which promotes transparency, responsibility, fairness and security.

“As the alternative finance sector develops, it is important that the leading providers work together to develop industry standards, and ensure our clients receive the highest levels of service. 

“The AABF is at the forefront of developing this industry standard and we are very happy to become early members and offer our support."

Danny Girnun, director at Merchant Money, added: “Since launching the business, our focus has been to responsibly provide SMEs with the funds and confidence that they need in order to grow their businesses.

“By employing industry best practices and aligning ourselves with the AABF, we can successfully uphold our values of being transparent, fair and responsible when dealing with our clients.”

Nick Smith, group sales and marketing director at Reward Finance Group, concluded that the lending marketplace was changing for SMEs with so much choice available.

“Here at Reward, we are keen to ensure that the alternative finance space gets the profile it deserves, so that ultimately the SMEs in the economy get the product they need to support and grow their businesses.

“Joining the trade association will give us a larger collective voice, help to promote alternative lending and ensure that standards and disciplines are maintained."

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