XU Magazine - Issue 10

How the Financial Web is transforming the traditional lending landscape

Team Satago-CMYK

Steven Renwick, CEO of business finance firm Satago, one of Xero’s first financial services partners in the UK, explains how a new breed of FinTechs has emerged to transform the SME funding landscape…

Disruptive innovation designed to break the stranglehold of dominant business models shows no signs of abating. Netflix, Amazon, Uber and Airbnb are the doyens of the on-demand economy as we know it today, inspiring entire generations of technology-driven businesses to challenge established models and strategies. Indeed Xero itself allows business owners on-demand access to financial information that would previously have been siloed within inaccessible desktop accounting software.

However, the financial services industry, long overdue radical transformation, has been slow to embrace (or arguably quick to resist) this form of disruptive thinking.

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About the author

Steven Renwick, Founder and CEO, Satago

Steven founded Satago after experiencing late-payment in his family business in the construction sector in Scotland. In a previous life he was a research scientist with a PhD in Genetics.