Software Engineering

SME Capital

Discover how we helped SME streamline their Loan Application Process

SME Capital

SME Capital was founded to support the growing number of SMEs who face difficulty or frustration in accessing capital through traditional methods. SME Capital works with businesses who may not be able to access lending either through traditional lenders or online lenders that rely on automated application processes.

The Problem

SME Capital wanted to change its business model from one focused on peer-to-peer lending to one providing funding sourced from Asset Managers.  

Its lending platform, designed to support the original business model, needed a major redevelopment to support the new business requirements. The platform would also have to allow much greater self-service capabilities. While making the transition to the new model, SME Capital needed the platform to support the existing business.

SME Capital had an in-house technology team but was not clear on how the transition could be made in a cost-effective and low-risk way. SME Capital therefore needed a technology partner that could be trusted to help them plan and execute their roadmap to a transformed lending platform.

Why Evolved Ideas?

SME Capital became aware of Evolved Ideas through work that Evolved Ideas had done for another client. This gave SME Capital enough confidence to approach Evolved Ideas about potentially supporting SME Capital on its technology transformation.

Evolved Ideas had proven experience of working with Financial Services companies and was able to support SME Capital across the complete lifecycle of the transformation, from initial planning to design, build, and run.

The Solution

Evolved Ideas began its engagement with SME Capital with a series of workshops with stakeholders across the business to ensure that the business’s objectives were clearly understood, and that the technology solution would be fully aligned with these objectives.

The next step was for Evolved Ideas to recruit and manage a team of technical experts to carry out the design and development of the new platform.

As part of its design work Evolved Ideas created a comprehensive roadmap for the new platform and then executed this roadmap in close collaboration with business subject matter experts. Prior to Evolved Ideas involvement development of the platform had been technology-led, and Evolved Ideas wanted to ensure that the alignment with the business that had been created at the start of the project was maintained.

A key stage in the project was for Evolved Ideas to carry out an assessment of the existing lending platform to understand the changes that would be required in order to support the new business model, and to identify any operational risks that could arise in the transition to the new model.

SME Capital had made some changes to the platform before they realised the scale of the work required to transition to the new model. When Evolved Ideas assessed the platform they identified that some of the changes had introduced some instabilities.