What is the Coronavirus Fintech Taskforce (CFT)?

The Coronavirus Fintech Taskforce (CFT) came together to provide a turn-key origination and underwriting platform to support banks, alternative lenders and private debt lenders virtually and digitally deploy funds to businesses, during the Covid-19 outbreak quickly and efficiently.
Founded on 25th March, 2020, it is made up of a group of industry experts and companies, including Trade Ledger, a digital lending platform; Wiserfunding, a digital SME credit scoring platform; Nimbla, a trade credit insurance provider, and NorthRow a remote client onboarding platform.

The coronavirus pandemic has caused immediate and potentially long-lasting impacts to the UK’s economy. The sudden and profound impact on customer demand is leaving SMEs in chronic need of credit to manage their ongoing costs and may well lead to a recession over the coming months.

The COVID-19 outbreak is putting immense financial pressure on global supply chains. Now more than ever, SMEs need reliable cash flow if they are to stay in business. In normal times, lenders take on average 90 days to deploy capital to SMEs. Furthermore 57% of all SME credit applications are either abandoned because they are just too hard, or ultimately rejected. This challenge is exacerbated by the Coronavirus crisis.

The UK Government’s Coronavirus Business Interruption Loan Scheme (CBILS) scheme’s fund has provided a £330bn capital injection to support SMEs during the crisis. This is a massive boost to an underserved market at an extreme time of need but its impact will be lost if lenders aren’t able to get these loans to their customers quickly. The Coronavirus Fintech Taskforce addresses this issue.