The FSB Funding Platform has been developed by Finpoint and uses intelligent matching technology (which utilises AI) to pair applicants with finance providers.

The FSB carried out a pilot of the platform with its members in three UK regions, which revealed that the average amount of finance that a small business applied for from an alternative finance provider was £39,000 – half the amount sought from banks.

The platform offers free access to over 100 lenders as well as financial advisers.

Research by the FSB also found that 40% of small businesses sought alternative finance for equipment purchase, while 40% required it for working capital.

The latest FSB Small Business Index for Q4 2017 recorded only the second negative reading in the last five years.

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Dave Stallon, commercial and operations director at FSB (pictured above), said: “We’re so pleased to be able to offer this exciting platform to our member base.

“Although it’s harnessing the latest innovations in tech, it offers a very simple way to access finance, as well as access to human financial advisers.

“It will transform the business funding market and is a real step change for small businesses.”

Guy Bridge, managing director at Finpoint, added: “We quite like the label ‘fintech’, because it is a mixture of technology and financial services, with a heavy emphasis on ‘service’.

“We’re thrilled to have been awarded the contract to provide FSB’s funding platform.

“As a small business ourselves – and a member of FSB – we get what’s needed, how small [businesses] would like to use the platform and we’re truly excited.”

Finpoint was founded in 2014 by CEO Rainer Plentl.