KPMG has confirmed an “alliance” with peer-to-peer business lender MarketInvoice as it steps up its move into small business services.
Research conducted by the firm found that under current growth rates, big banks stand to lose 10% of their market share to alternative finance providers in the next five years.
The tie-up will enable customers of KPMG’s Small Business Accounting Service to access MarketInvoice finance directly through their accounting software and will also include a business education programme incorporating regional events, webinars, e-books and online ‘accountancy clinics’ for small business owners.
KPMG has made great play in recent months of its moves into the SME market, and in October last year invested £40m in its enterprise offering, although it is a shift that has attracted scepticism over whether Big Four outfits can genuinely match the price and service level offering of existing professionals specifically targeting the smaller end of the market.
MarketInvoice CEO Anil Stocker said: “The world of finance is changing; fintech companies like MarketInvoice offer new ways for businesses to access finance quickly, simply and transparently, direct from their accounting software.
“It’s great that KPMG is backing this movement, and is helping to make more UK businesses aware of the latest funding options available to them. We’re excited to work together to drive the growth of UK small businesses and the economy.”
KPMG head of small business accounting Biveck Sharma added: “Our objective is to help our customers grow and run their businesses as effectively as possible. This alliance supports that goal, as it will help KPMG customers to access finance as quickly as they require it. By combining cloud-based accounting services with online finance, businesses can access the funds they need more easily than ever.”
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