The financial sector, central to global economies, orchestrates capital flow, supports transactions, and guides investments. Yet, a glaring shortcoming persists: a vast portion of the world’s businesses remains underbanked.
These, limited by geographical challenges, insufficient documentation, or the lack of affordable tailored solutions, often miss out on traditional banking systems. Addressing the needs of the underbanked is not only a moral imperative but also an economic one, pushing for a truly inclusive financial system.
Unpacking the Challenges: Why Underbanked SMEs Struggle?
One of the most formidable obstacles for underbanked SMEs is the intricate web of financial compliance regulations. While intended to maintain financial integrity and protect consumers, these regulations can inadvertently burden SMEs.
Access to credit is paramount for any business, especially for SMEs aiming to expand or navigate tough times. However, traditional banking systems often perceive these enterprises as high-risk clients, especially those in the underbanked realm.
Financial institutions in many regions focus predominantly on large corporations or individual consumers, sidelining SME-specific needs. The absence of financial products tailored to the nuances of SME operations can leave these enterprises grappling with ill-fitting solutions that neither address their requirements nor offer competitive terms.
Breaking Barriers Through Technology-Driven Solutions for Universal Accessibility
Silverbird, founded by visionary Max Faldin and co-founded by Georgy Babilashvili, a driving force and pre-seed investor since 2020, stands out in its revolutionary approach to financial services. By harnessing groundbreaking technologies, Silverbird is rewriting the narrative for SMEs in the international trade sector, a segment traditionally overlooked by conventional banks.
At the heart of Silverbird’s innovation is its use of data-driven and AI-empowered compliance systems, that enhances verification of clients but reduces friction for them, as most check are done on the background, without requesting clients to spend time to provide their documents. For SMEs engaged in cross-border trade, this means better access to cross-border payments and drastically reduced compliance burden – eliminating common pain points associated with international transfers in traditional banking systems.
The Road Ahead and the Promise of a Future with Equitable Finance
With a mission deeply rooted in democratizing access to financial services, Silverbird has emerged as a game-changer in the industry. While traditional financial institutions have often been restrictive, particularly for underserved communities and segments, Silverbird is redefining these norms. Through its innovative platforms and services, the startup ensures that every individual and enterprise, regardless of size or geographical location, has an equal shot at accessing top-tier financial services.
Silverbird, under the leadership of Max Faldin and Georgy Babilashvili, is not just offering banking services; it’s pioneering a movement. A movement that empowers SMEs breaks down barriers and sets the stage for robust economic growth.
Why Businesses Should Choose Silverbird?
Joining forces with Silverbird can transform the way SMEs operate. With Silverbird’s straightforward digital onboarding and versatile multi-currency accounts, financial hurdles become a thing of the past, letting businesses zoom in on their expansion.
Since its inception in 2020, Silverbird has shown tremendous growth. Within three years, payment volumes have skyrocketed past USD 1 billion. They’ve secured a substantial USD 28 million in funding from top-tier Venture Capital names and boast a recent valuation of USD 68 million. Moreover, Silverbird has not only generated over 40 job opportunities in the UK but also serves a diverse clientele from over 190 countries.
Their success story could act as a beacon for other fintech firms, emphasizing the vast opportunities within the SME sector. Silverbird’s dedication to making finance more accessible sets a benchmark for a fairer, more inclusive financial landscape for businesses across the globe.
