The move offers “in-depth, granular information on the borrowing and repayment history” of more than 8 million businesses in the United Kingdom to help lenders with their decisions, the data and tech company said in a news release Monday (Jan. 5).
In 2024, Experian data supported at least two-thirds of U.K. small- to medium-sized business (SMB) borrowing, the release said.
“With an ever-growing number of lenders and new products entering the market, staying competitive is critical,” David Gallihawk, chief product officer, business information, for Experian’s operations in the U.K. and Ireland, said in the release. “Experian Ascend helps lenders retain customers, identify new opportunities, launch new products and leverage data to automate processes. Clients can have an even better view of their customers and businesses so they can make smarter, faster decisions, all within one integrated platform.”
Metro Bank and other financial services companies joined commercial data pilots through Experian Ascend before its launch, per the release.
PYMNTS Intelligence has studied the changing credit needs of SMBs. The report “SMB Growth Monitor: Small Businesses, Big Credit Needs” showed how confidence in credit access has shifted competition for issuers.
“With 83% of SMBs believing they would be approved for new credit, lenders are no longer competing on access,” PYMNTS wrote in November. “They’re competing on flexibility.”
SMBs want control, the PYMNTS Intelligence report found.
“Larger firms use business credit cards to fund expansion and operations,” the November report said. “Smaller ones still lean on personal cards to bridge short-term gaps. But regardless of size, SMBs are prioritizing credit products that match their cash flow cycles and growth ambitions.”
In October, Vijay Mehta, executive vice president and general manager of Global Solutions and Analytics at Experian, told PYMNTS that businesses want to know whether artificial intelligence can make transactions more trustworthy.
“AI is starting to redefine the speed, scale and intelligence of how businesses interact and transact,” Mehta said.
“In the payment space, we’re seeing AI move from back-office automation to frontline decisioning where agents can negotiate, validate and execute,” he added.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
