Ormsby Street signs major German deal

Ormsby Street signs major German deal

A London fintech start-up is celebrating after landing a major deal to supply its software to one of Germany’s largest banks.

London-based Ormsby Street has launched its credit-checking tool CreditHQ in Germany, as part of a new partnership with Germany’s Deutsche Bank.

CreditHQ allows small businesses to check the financial health and credit status of any customer or partner and will be available to the bank’s small business customers.

Its German launch is the next stage of an ambitious international expansion programme that will look to target Poland, the US, 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, MD, Ormsby Street.

“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.”

CreditHQ is working with credit supplier, Burgel and will allow small businesses to check the credit status, payment performance and general financial health of millions of German small businesses.

The simple traffic light ratings system shows clearly the level of risk associated with the company in question, and users are given two different ratings, one addressing credit risk and the other payment performance.

“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,” continued Martin Campbell.

“It is impossible to force someone to pay on time, so small businesses have to protect themselves against late payment as best they can.

“CreditHQ’s use of big data to address that problem gives small businesses the insight and power to do just that, and is suited to almost any territory in the world.”