After a remarkable period of growth and innovation here at mycashline, we’re incredibly proud to be shortlisted for a prestigious Lending Award this year. We’re finalists in the running for the Alternative SME Lender of the Year award.
Credit Strategy’s Lending Awards “recognise success in consumer, commercial and residential lending." The winners are to be announced in a celebratory evening on 2 December in London’s Leonardo Royal Hotel. The evening promises to “bring back consumer, commercial and mortgage lenders in one room to reflect on the challenges overcome and celebrate inspirational industry success stories.”
To be considered for this important award, mycashline was required to demonstrate a “truly innovative business model and product range”, as well as impressing the judges with the volume of credit provided to borrowers and proven organisational growth and financial success. They also looked at quantifiable customer satisfaction when deciding the finalists in this category.
Our innovative product range
We took our nomination as a fantastic opportunity to talk about our new suite of products. As well as our standard business loans, our customers have provided fantastic feedback on our mycashline wave product, which helps to align repayments with cashflow.
As well as adapting repayments to suit our customers’ financial situations, we’ve also released two completely new products: mycashline legal and mycashline assured.
mycashline legal finances lawsuits or arbitrations in exchange for a portion of the profits if the suit is successful, or repayment via insurance if unsuccessful. This enables smaller law firms to take on more cases, drawing down on our advance to cover Court fees and disbursements, without having to worry about the risk.
Then there’s our mycashline assured product, which is helping even more small business owners to access finance. For this new product, we have partnered with Personal Guarantor Insurance firms to further protect the loan for both the customer and lender. We’re currently piloting this product with a focus on streamlining the process for a seamless customer experience, so watch this space!
We’ve helped hundreds of small business owners access financing
Since we started, just three years ago, we have managed to double the amount of money we lend to our customers each year. And our rate of growth is actually accelerating! Next year, we plan to lend four times this year’s lending volumes. Our annual revenue has increased 180% from December 2019 - 2020. And as of September ‘21 we are on track to deliver the same 180% year-on-year increase in revenue by year end.
What drives the mycashline team?
From a growth point of view, there’s just no stopping us, and to make sure we can hit these targets, we’re going to be expanding our team by a further 50% over the coming 12 months. And we’re proud to say that each and every one of our team members is valued and celebrated.
We’re always asking ourselves WHY we do what we do. Part of this process has involved a recent Values Workshop, during which we set out our GEMS (Growth, Enthusiasm, Maintaining Accountability and Strategy) maxim. This helps us to create cohesion in our team and across our ever-expanding product range. It’s WHO we are and it’s WHY we do this.
We’ll never stop striving for growth and innovation. It’s what helps us to finance more business owners who also want to grow and innovate. For us, SME finance is a passion and we are dedicated to the cause. Thanks to The Lending Awards for the recognition and see you on 2nd December!