In many cases, traditional banks are unable or unwilling to offer products to meet the needs of these businesses- which can cap their potential and their contribution to the economy.
“Companies with high-growth potential, particularly tech businesses or those with complex payment flows, can really struggle to open a current account with traditional banks. Even when those businesses are regulated entities, they are often considered too high risk, or too much of an ‘unknown quantity’ for mainstream providers.” Says Alan Smith, UK Managing Director, at fintech company Andaria.
“For those who do manage to open an account, it can still be a lengthy process and result in an account setup and fees that aren’t ideal for the business. For instance, standard charges for BACS and CHAPS transfers and especially for those international payments made via SWIFT are too costly for many startups and SMEs.”
“Unlocking the growth potential of these overlooked and underserviced sectors is vital to ensure continued innovation for businesses and their customers. Companies in almost any sector can be caught in this situation but the issue particularly impacts those in the hospitality, insurance, crypto and gaming sectors. That’s why Andaria has launched in the UK – to offer a more suitable and easily accessible alternative to traditional business banking providers.” He concluded.
Andaria offers a set of pre-built account packages with transparent pricing and an online application and KYB process. This allows businesses to easily get their current account up and running. They also offer tailored services and pricing for those who have more complex requirements.
Andaria’s current accounts are now available across both Europe and the UK, supported by dedicated account managers and an online self-service portal. This enables businesses of all sizes to easily manage their payments from one central hub.
Andaria is backed by a team of world-leading fintech and banking professionals. The company is a regulated e-money institute in the EU and the UK, authorised by the Malta Financial Services Authority (MFSA) and the Financial Conduct Authority (FCA) respectively.
