Twitter CEO: Access to FinTech hardest for UK SMEs
The CEO and co-founder of Twitter and Square has suggested the UK’s smallest companies struggle most with access to FinTech.
Jack Dorsey has presented a new report from his FinTech firm which suggests UK businesses with fewer than ten employees, or 96 per cent of UK businesses, find it difficult to access the technology, finances and information they need to run and grow.
Dorsey is in London to share the report and his vision of how technology can help power the UK’s small business community.
As part of the Thinking Big for Small Business event, he will be in conversation with Enterprise Nation CEO Emma Jones MBE.
“We’re here in London today to discuss how to bridge the gap between the innovation of financial technology and the millions of small business owners across the UK who stand to benefit,” said Dorsey.
“We want to ensure that technology has a positive impact on the success of small business owners and their daily lives.”
The report suggests that just 6 out of ten UK microbusinesses accept card payments, compared to almost 9 out of ten businesses with between 10 and 249 employees.
It also suggests that microbusinesses owners – those with less than ten employees – are more than twice as likely to have had a loan application rejected, compared to businesses employing between 50 and 249 people.
Jones added: “Technology plays a huge part in offering small businesses new opportunities to diversify and grow.
“One recent example is our partnership with Square on the Clicks and Mortar campaign which is opening up shops to enable online sellers to test physical retail and accept in-store payments.
“We're supporting small businesses to have the ideal blend of online and offline sales to help them thrive amidst changing economic conditions.”