The fintech's proprietary platform, embedded at the point-of-sale with more than 75 equipment vendors across the UK, enables equipment vendors and their customers to organise fast, automated asset finance for equipment purchases of up to 拢250,000. This, Equipal says, accelerates and streamlines what has traditionally been a slow, intensive, email-heavy process.
Equipal says it has seen a default rate of 1.26% and zero credit losses to date, while 69% of customers who have sourced funding once through the platform have returned for additional finance. The system has been used by crane companies, industrial equipment suppliers, and others.
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