ScotPac Business Finance grows Asset Based Lending business by 300%

ScotPac has successfully digitised its working capital finance operations, reducing the time to offer by 90% with a reduction in decision times from days to hours.

300%
Growth in asset finance business
90%
Reduction in 'time to yes'
Hours
Decision time reduced from days to hours
Businesses want and need flexibility – they don’t want to deal with a lender that is a ‘one size fits all’ sausage factory. ScotPac’s investment in Trade Ledger is allowing us to make nimble decisions to quickly understand each business and make an accurate call on funding
Jon Sutton
CEO, ScotPac

The goal

Transform business finance so it’s easily accessible for the underserved SME and Mid-cap market and accelerate the deployment of capital into the market from a new private equity owner.

The idea

Put the customer experience at the heart of the process and expand credit distribution without increasing risk by digitising the entire process, automating repeatable tasks and increasing products offered.

The impact we made

Trade Ledger technology sits at the core of ScotPac’s new digital lending experience.

ScotPac went live with the Trade Ledger partnership in 2018 and has completely digitise the front door to every channel and product, with supercharged and secure digital processes that don’t hold business owners back when they are looking for funding.

This is especially significant to SMEs who can now quickly access multiple products (including our debtor (invoice) finance, asset finance and trade finance), to solve their most bespoke or complex funding problems. The value of speed and consistency ScotPac can offer is massive for business owners, and for their broker and accountant partners.

The ScotPac solution makes use of the following two platform modules:

  • Origination & Customer Engagement - This module allows lenders to originate any commercial loan product.
  • Risk Assessment & Collateral Management - This module allows lenders to run credit decision / credit risk assessment activities.

These modules are further enhanced with a seamless integration into ScotPac’s core CRM platform, Microsoft Dynamics365, to support a deeper customer level of understanding and engagement, and drive process and administrative efficiency.

Trade Ledger's technology and business data insight, paired with business finance experts like ScotPac, is accelerating and transforming business finance – focusing in particular on the SME and mid-market lending experience, unlocking economic growth with better lending products.”

Using data and tech to reimagine the world of lending for SMEs

Trade Ledger’s platform goes beyond Open Banking. Our ability to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with ScotPac and transforms how business finance can be accessed:

  • A digital credit assessment and onboarding experience built on scalable native cloud architecture, with micro-services that allow lenders to rapidly create tailored workflows, rules and logic
  • A platform with best-practice compliance and security integrated with external data sources, for data-driven analysis and fast funding decisions
  • Daily use of AI and data analytics within the business that improve customer experience and provide growth and efficiency metrics
  • Tailored workflows and user workspaces that allow lenders to perform credit assessment tasks with speed and at scale
  • A Partner Portal that makes lending decisions super-quick for brokers, accountants and other ScotPac partners, and that also provides them with real-time deal progress and handy templates and resources to make it easier to do business

Tangible outcomes

ScotPac can handle complex requests to get deals done, and really partner with clients, rather than just make algorithm-based digital decisions about whether or not to fund them.

  • Improved operational efficiency: 90% reduction in 'time to yes' for simple and complex deals.
  • Increase loan book growth: 300% growth in new business volume in the past 12 months. Both SMEs and large corporations can quickly access multiple products (including our debtor finance, asset finance and trade finance), to solve their most bespoke or complex funding problems.
We’ve written 300% more business this year in our Asset Finance sector with no new staff required"
  • Improved risk mitigation and compliance: Able to expand credit distribution without increasing risk, unlocking a £1.2 trillion un-served segment of the £7 trillion global SME credit market.
  • Reduced cost of ownership: A fully digital digital credit assessment and onboarding experience delivered on a single scalable cloud-native platform.

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