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We're thrilled to announce that YouLend has secured the esteemed "Financial Inclusion Award" at the FStech Awards 2024. This achievement is a testament to our relentless efforts in reshaping the financial landscape for the better.
At YouLend, we believe wholeheartedly in the transformative power of accessible finance. From small businesses to female-owned, marginalised or financially-disadvantaged businesses, we're dedicated to providing innovative solutions that bridge the gap and create opportunities for all.
Economic Impact: Through our tailored embedded financing solutions, we've had a substantial impact on the global GDP, contributing an estimated £6.8 billion in SME revenue. YouLend-backed businesses experienced a remarkable 26% increase in sales within six months of receiving funding.
Empowering Female-Owned Businesses: Data from the British Business Bank indicates that female-led businesses tend to worry more about factors like application length and time-to-cash in the application process. YouLend's agnostic credit decisioning model addresses this gap by directing a higher proportion of financing to SMEs with female directors or equal leadership teams, approving 30% of total funding for female-led businesses compared to the UK average of 12%.
Uplifting Underserved Communities: We're passionate about breaking down barriers to financial access. Whether it's through innovative technology or strategic partnerships, we're constantly finding new ways to reach underserved communities and provide them with the support they deserve. 35% of YouLend's financing reaches areas with high minority representation and focuses on the most deprived UK areas. Through technology-focused financing, YouLend provides faster and more efficient financing services to significantly impact the health of small businesses.
Winning the Financial Inclusion Award at the FStech Awards 2024 reaffirms our commitment to driving positive change and creating a more inclusive financial future for all.
As we celebrate this milestone, we're more determined than ever to continue our journey towards a world where everyone has equal access to financial opportunities.
To view the full list of winners, click here.
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