Old Street credit-checking startup expands into Germany with Deutsche Bank partnership
An Old Street fintech startup is moving into Germany in partnership with Deutsche Bank.
Ormsby Street’s credit-checking tool, CreditHQ, is used by more than 27,000 small businesses in the UK, the startup said.
The tool, which allows small business to check the financial health and credit status of customers or partners, launched in Italy last year.
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And Ormsby Street is planning to target Poland, the United States, Australia and other European markets over the next year.
“Despite new regulations brought in to combat late payment culture in July 2014, late payment remains a major issue for German small businesses, impacting on cash-flow and the ability to grow,” said Martin Campbell, managing director of Ormsby Street.
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“There is a growing need in Germany for an easy way of checking the credit status and payment performance of customers and CreditHQ meets that requirement head-on.
“Partnering with a bank in Germany is a great way of bringing CreditHQ to the German market and we are confident it will mirror our success in the UK.”
He added: “Late payment is a problem for small businesses all over the world and the next 12 months will see us launch in at least another four countries.”