Getting a small business loan can be an extreme hazzle. Paperwork, meetings, bureaucracy and the process can often take several months. But, according to the founder of GrowthBond Ferdinand Kjaerulff, it doesn't necessarily have to be this difficult. In fact, it is vital for economic growth in emerging market that we solve this problem.
Ferdinand's company is one of a number of fintech startups opening up financial systems, replacing old traditional systems with fast, easy-to-use, apps and services.
Ferdinand has worked with technology startups for the last fifteen years, covering everything from 3D technology, Freelancing and e-learning. In 2018 he founded GrowthBond, which helps small business get funding more easily. GrowthBond provides funding to small businesses - many of whom would fail to get credit from larger, traditional banks - not by spending months reviewing their financial histories, but by using what Ferdinand describes as a more efficient, automated platform. The company, at which Ferdinand is now head of operations, offers up to $50,000 in credit to small business
GrowthBond takes the same kind of data used by banks to ascertain whether a small business is eligible for funding, but uses automated systems to manage the process. Customers give the company access to the Facebook, Google, paypal and Stripe data. GrowthBond then connects and analyses these data sources to provide funding.
GrowthBond mainly targets small businesses left on the sidelines by big banking institutions, but it also works to give customers in traditionally ignored economies such as Kenya and Gambia funding.