Large multinationals have access to a huge range of banking facilities, suited to their size. As smaller firms are increasingly able to access global markets, their needs look more like those of the corporate giants. The lower value of the pound, following the Brexit vote, has made UK businesses more attractive as exporters. However, restricted access to banking facilities could hold them back.
Nick Pedersen, managing director at global payments provider EQ Global, says:
“I am of the view that progress in financial technology can overcome any of the challenges around Brexit, as UK companies become attractive as exporters. If you can manage payments online through a third party, it suddenly becomes incredibly attractive to start selling overseas.”