Intelligent Lending has launched ‘binq’, a platform designed to help the UK’s 5.5 million small and medium-sized enterprises (SMEs) make quicker and better business decisions.
The app uses smart search technology to speed up applications and review open banking data, matching businesses to more suitable funding, cheaper insurance and energy deals, and improved banking options.
binq includes an AI assistant called ‘Ali’, which works round the clock to flag issues, highlight important updates like changes in legislation or cashflow warnings, and offer support.
Users can choose to deal with Ali or switch to a human expert when needed.
binq works with specialist lenders to match businesses with better funding options.
It also helps SMEs facing a 75% increase in energy costs since 2021 by finding cheaper suppliers.
For insurance, binq searches for tailored, fair-priced cover, with research showing 80% of SMEs are under-insured and two in five have no insurance.
Binq also connects businesses to specialist banking providers, with a third of owners using personal accounts for business and less than 1% switching banks in the last decade.
Jamie Stewart, founder and CEO at binq, said: “The UK’s 5.5 million SMEs are a significant contributor to both the economy and society, making up 99% of all businesses, employing 16.6 million people, and turning over £2.8 trillion annually.
“However, in recent years, they’ve faced a sharp rise in operating costs, while the government has withdrawn support and hiked employment tax.
“Running an SME is hard enough, and with binq, we want to make it easier for people to start, manage, and grow their businesses.”
Stewart added: “And that’s why we’re supporting owners to finding funding, switch suppliers, and stay on top of the numbers – while giving them something powerful: time back.
“Our AI assistant, Ali doesn’t just answer questions – it knows your business, flags what matters, and offers real support around the clock. And if you want to speak to a human, we’re there when you want.
“It’s exciting to be doing this with the support Intelligent Lending – a fast–growing group of businesses who are using technology and AI to improve the finance services.”
Simon Kay, chair at Intelligent Lending, said: “binq is a brilliant new addition to Intelligent Lending, as we continue to grow at pace, following our recent acquisition of TotallyMoney, and move to Salford’s MediaCity – a global hub for media and tech innovation.
“Jamie Stewart and his team bring years of experience and knowledge in the SME space, and binq’s technology promises to remove many of the barriers which are holding back so many SME owners.”
