Bank of Dave boosts appeal of peer to business lending

a bank renamed with a sign reading "The Alternative"

Just after Bank of Dave was shown on Channel 4, I wrote this post about how the seeds of change were starting to sweep across the financial services industry.

Since then, the momentum has gathered.  Today the Daily Telegraph reported the results of a survey carried out on behalf of Myvouchercodes.co.uk  in which more than half of those surveyed said that they would switch to the “Bank of Dave”.

So, it seems like the public appetite for alternative finance is more than just a flash in the pan.  It seems like commonsense banking – the type that we’re interested in delivering here at FundingKnight – has really captured the imagination of the masses.

Of those who said they’d bank with Dave, 64% were attracted by the better rates of savings interest available.  That’s hardly surprising.  As I wrote in my last post – peer to business lending… more than just a romantic notion – trying to pretend that peer to business lending is not about competitive rates – for both borrowers and savers – would be naive.  Of course people want to manage their money well… but there were also large groups of people attracted by more social concerns.

57% liked the fact that Dave’s profits were headed straight for charity, whilst 41% mentioned the lack of bonuses for bosses as the reason they’d get involved.

Now, of course, FundingKnight is not a charity.  We are, however, committed to providing an alternative to bank based lending and borrowing.  We can’t promise a silver bullet to solve the world’s problems, but we do think that lending person to person, peer to peer can help make the financial world a little bit better for us all.

If the idea of better savings rates appeals to you, or you are a small business looking for a business loan why not register on the FundingKnight site.  We’ll keep you in touch with developments as we build a brand to shake up the way people lend and borrow money and we hope you’ll join us as we help small, independent businesses access the funds they need to grow.

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