Newable Business Finance is a joint venture between two leading SME lenders in the UK: Newable Limited and Liberis Limited. Newable Business Finance is focused on enabling growth of UK SMEs through the provision of finance to those who feel they are unable to access finance through mainstream (i.e banks) providers.
Partnership with STX Next:
since November 2016 (3 years)
Newable Business Finance
Newable Business Finance is a platform on which users can apply for business loans ranging from £26,000 to £150,000. Qualifying for a loan is quick and easy, enabling business owners to receive the money in a very efficient and timely manner. It is also helping them develop their business within a few days. Even after receiving the loan, Newable Business Finance supports the business owners through a mentoring service. Businesses can also register on Newable Business Finance as a introductory body (broker) to apply for a loan on behalf of their clients.
STX NEXT DELIVERED
Newable reached out to us with a complete idea for the product’s MVP and a very short deadline. Up until then Newable Business Finance had done all their work manually using paper printed documents. They were faced with the task of transferring the whole process to the Internet. Meaning that the system had to be easy to understand and use but still needed to include several levels of approval. Another goal was to reduce the loan application time for the end-customers.
Starting with a hackathon and transferring to work in a small development team, STX Next built the product from scratch within 2 months. Despite the rigid deadline, the service has customers from day one and continues to exist without any major problems. The system was built without an administrator’s panel, however it still enables the administrators to access the most important details from the database on Slack when needed, as well as use Slack for Customer Support.
The team is very product oriented - they try to understand the product and its end users. This means that there are more sets of eyes looking after potential User Experience issues, which results in a better product.
The most challenging part of the project was building the platform from scratch over a 2-month period and with a very small team. Even with this tight deadline, the service has had customers from day one and exists without any major issues.