Bank to the future
- By Jack Preston -
- Aug 20, 2012
Richard Branson has shown his support for a new banking scheme, one which aims to add further transparency to the much maligned sector.
‘Bank to the Future’ (BTTF) is the world’s first peer-to-peer market allowing businesses to raise debt, equity or donations from consumers and investors in one place.
BTTF was shortlisted in Virgin Unite’s Screw Business as Usual competition, as it looked to address the fact that many high street banks are choosing to shy away from offering loans to small businesses.
“With recent scandals tarnishing the banking sector once again, there’s a real opportunity for positive change in the industry,” explained the Virgin Group founder to The Telegraph.
“I like the goals of BTTF, where everything is transparent and people can see what happens with their money.”
The man behind the scheme, former investment banker Simon Dixon, also spoke to the paper about what it is that has driven him to launch the platform: “You can borrow, raise equity and offer rewards. The idea is to combine launching a business with raising finance and marketing all at the same time.”
“When we worked in investment banking, we had to get the mix between debt and equity right — we’ve tried to bring that to this. We want to fund people through the whole cycle from idea to established business.”
To find out more visit the Bank to the Future website.