Globally, millions of small businesses lack access to formal banking services. Traditional banks often bypass these enterprises due to their small size, perceived credit risks, and lack of financial records. This neglect is prevalent in developing economies, where up to 68% of formal SMEs cannot access institutional financing. The absence of banking access hinders business growth, employment opportunities, and broader economic development.
Fintech Solutions For the Unbanked
The fintech industry is revolutionizing financial inclusion for globally unbanked businesses.
Firstly, mobile banking platforms tap into the widespread use of mobile devices, allowing businesses to manage funds and transactions without traditional bank accounts. E-wallets enable secure storage and transactions of money digitally.
Secondly, alternative credit scoring uses unconventional data, like mobile usage or social interactions, to evaluate creditworthiness, granting businesses previously deemed “high-risk” access to financing.
Moreover, blockchain and cryptocurrencies provide stable transaction methods in regions with volatile currencies.
Lastly, fintech platforms often include financial education tools, fostering better money management. Through these innovations, fintech bridges the gap between conventional financial services and unbanked businesses, promoting global financial inclusivity.
Silverbird Breaks Down Barriers For the Unbanked
Introduced as a digital banking tool for international commerce, Silverbird was conceptualized and brought to life in 2020 by Max Faldin. Faldin’s entrepreneurial journey, which spanned continents, includes establishing Wikimart, the “eBay of Russia”, which had raised more than 50M dollars from global VCs such as Tiger Global. Now Max is revolutionizing the banking industry by focusing on a specific niche: exporting SMEs around the world.
Traditional banks often prioritize thorough compliance checks, usually reserving in-depth checks for more lucrative, larger enterprises. This frequently sidelines SMEs from third-world countries, viewing them as resource-intensive for minimal returns. Recognizing this gap, Faldin pioneered Silverbird to cater to these underserved merchants.
This revolutionary platform equips businesses with tools to navigate global trade smoothly. It grants even the smaller vendors privileges typically reserved for their larger counterparts.
Features Of Silverbird
Using Silverbird, vendors can establish virtual accounts in foreign currencies, accommodating global clientele payments. They have the flexibility to handle and exchange multiple currencies as required.
Larger corporations generally benefit from fortified banking relations, whereas smaller merchants often find themselves marginalized, perceived as burdensome risks by banks. Silverbird emerges as a game-changer, offering SMEs a platform for frictionless financial interactions.
Envision a world with an egalitarian global banking landscape. A realm where banking entities cater to businesses universally, irrespective of size. Swift international trades become commonplace, and global inclusivity reigns supreme. This is the vision Silverbird aspires to realize.
Why Businesses Should Choose Silverbird
Silverbird empowers SMEs with virtual banking solutions to deal in various currencies. Almost every country has access to this platform, supporting multi-currency operations across over 40 regions.
Vendors can set up a Silverbird profile and begin their financial operations effortlessly. This facilitates both receiving global payments and making international payments to vendors. However, companies need to clear specific regulatory requirements before operations, and Silverbird ensures a smooth experience.
Silverbird caters to numerous vendors and plans to expand its base to around 1,000 by the close of 2023 and triple that by 2024. You can register and dive into hassle-free financial operations if you’re an entrepreneur.