Lloyds and Mastercard to lead new SME technology coalition with CFIT

The new package of funding and bank support will build on previous initiatives under CFIT that have explored options for Digital IDs and Open Finance. Other blue chip financial institutions are expected to join the new project, which will be launched in Q1 2025.

CFIT was launched in 2023 with backing from HM Treasury and the City of London Corporation amd is seeking to diversify its revenue through a mix of public and privately funded research and development projects.

Charlotte Crosswell, chair of CFIT, says: “This new strategic agreement with industry partners positions CFIT strongly for its next phase of growth, and is testament to the success of our coalition-led approach to date. We are also working closely with industry on other key projects for 2025, such as smart data schemes in financial services and delivering more inclusive financial service propositions."

The latest initiative has set its sights on developing an SME digital finance education tool and a digital marketplace. It will also build on CFIT’s prior work to boost the supply of SME lending by developing further supply-side proofs of concept, such as an SME resilience index that enables lenders and other financial service providers to make more informed decisions.

Elyn Corfield, CEO, Business & Commercial Banking from Lloyds Bank, says: "By entering into a strategic partnership with CFIT for this next coalition, we aim to accelerate the development of the SME finance market, creating smart-data-driven solutions that help SMEs access appropriate funding. If we can improve awareness of different financial options and increase the number of SMEs applying for suitable finance so that they can invest in their infrastructure, products and services, they can better play their vital role in boosting UK growth.”