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DueDil joins Innovate Finance film series produced by BBC StoryWorks

May 4, 2020
DueDil joins Innovate Finance film series produced by BBC StoryWorks

DueDil recently had the privilege of being invited to take part in a series of films that explore the different ways technology is changing how we access finance. The series, ‘Innovation in Finance’, was produced by BBC StoryWorks Commercial Productions for Innovate Finance, the industry body that represents FinTech companies in the UK.

The goal of the project is to bring to life the impact financial technology has on society, how it can enable financial inclusion, create a level playing field for smaller companies and give opportunities to a more diverse range of people. During the recent crisis, we’ve seen an even greater need for access to fast, user-friendly and digitally-led financial products

Our contribution to the series, which you can see above, focused on our work with Funding Options, a FinTech that provides a marketplace where SMEs can find funding that is tailored to their needs. Their technology allows small businesses to get fast and clear decisions from a wide variety of lenders, ensuring they find the right funding, while also removing the stress that can come with waiting to get financing approved.

DueDil provides Funding Options with the information they need on specific companies to be able to carry out necessary compliance checks to flag risks and signs of illegality. Using DueDil’s API Funding Options can automate the process, saving time and ensuring that they have a real-time picture of the business and its owners.

Essentially this means when a business fills out an application form, all of these checks are done automatically in the background, without hours or days of manual processing that can delay access to finance.

From Silicon Roundabout to a bakery in Peckham

As well as filming interviews with DueDil’s FinTech lead Marie Mahy and Katie Ball, Business Finance Specialist at Funding Options, we also had the opportunity to speak to Rana Righton, the founder of the Gluten Free Bakery (formerly known as Rana’s Bakery).

The bakery is an SME that has grown rapidly over the last few years and used alternative finance secured through Funding Options to expand its operations. Supplying gluten-free baked goods, such as bread, pizza bases and bagels, The Gluten Free Bakery is a great example of a business that would have struggled to get access to the right funding without the use of new technology.

Rana is now able to supply a higher volume of products to shops, restaurants and supermarkets across the country, thanks to the equipment she was able to lease with the finance. Being unable to access funding through traditional routes would have prevented Rana from scaling the business, taking new orders and employing more bakers at her site in Peckham, South London. 

During the Covid-19 lockdown they have continued to produce freshly-baked goods available for home delivery, keeping our shelves stocked at a time when it’s most needed.

You can find out more about the Innovation in Finance series here and view films from companies like Barclays, Deloitte, PayPal, Smart Pension, Modulr and more.