Armalytix Press – Startups Magazine How Open Banking helps small businesses share financial information
Richard McCall, CEO of Armalytix, believes that despite the post COVID-19 road to recovery, Britain’s army of small businesses face an extremely uncertain six months as the implications of tax deferrals, loans and uncertain growth combine. Richard argues access to up-to-date financial information, made easier by Open Banking will help these businesses maximise the potential upside of the recovery.
A recent report by the House of Commons library shows the extent to which Britain remains a nation of small businesses. According to figures released earlier this year, of the 5.98 million businesses in the UK, 5.97 million have less than 250 employees and 5.7 million less than 10.