Fintech start-up GFA Exchange is one of the companies that has been selected by Innovate UK to receive a funding boost.
The business will now get a chunk of a designated £40million fund designed to boost economic recovery from the impact of COVID-19.
The award-winning start-up founded by entrepreneur Joel Blake OBE, was chosen to receive up to £50,000 from over 8, 600 UK applications.
BLM understands that the business was successful in raising the funding because of its 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.
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.
Joel Blake OBE, Founder and CEO of GFA Exchange, comments: “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 own growth ambitions.”