Fractal features on EY's Fintech Beyond Borders podcast

Fractal features in EY podcast

Last year, Fractal CEO and co-founder, Nicholas Heller joined fintech stalwarts, Tide’s Oliver Prill and Funding Xchange’s Katrin Herrling, with EY hosts Shalini Shan and Tom Bull on their Fintech Beyond Borders podcast focusing on what's happening in the fintech sector.

Nicholas Heller spoke about Fractal’s Banking BCR Capabilities and Innovation Fund win alongside untied (the UK’s accounting app). 

“So we really thought about the bid and proposition, taking a lens solely on the consumer and what exists in the market. 

The pandemic had started to cut into the economy at that point, Q2 there was more than a 20% drop in GDP that was largely affecting sole traders and SMEs that makeup 4.4 million of the businesses in the UK. These sole traders are traditionally plumbers, cabbies, contractors, designers and it goes across many, many professions of the fast-growing gig economy.

So we looked at some of the problems they face daily and thought okay well how can we address those such as late payments that result in the closure of 50,000 businesses each year, and cost the UK economy up to £2.5 billion. Or high transactions fee; the fact that card-based payment fees cost more than four to 20 times more than a simple bank transfer, and settlement takes a crushing seven to ten days. Plus they experience challenges around expensive tax admin costs £2.6 billion per year managing taxes and paying advisors up to £500”.

To hear more, you can listen to the insightful podcast that is now live on Spotify and Apple Podcasts, and over at the EY website.


As Fractal steps into the payments space with our QR payments app, we would love to invite early testers (small businesses) who are keen to pay fewer, lower fees, and receive an instant settlement in their bank, to sign up to our waiting list to test the app. 

To find out about our SMART initiative helping sole traders and small businesses, our partnership with untied following our BCR Capability and Innovation Pool E win, or if you are interested in partnering with us to create new SME-focused solutions using our APIs, you can contact us our Commercial Lead, Louis, at louis@askfractal.com. 

About Fractal: Fractal is a platform-as-a-service that is reinventing how Small-Medium-Enterprises (SMEs) execute payments and access financial services. 

Fractal helps financial institutions (FI) and their SME clients save money by providing a smarter payments engine and an insights platform to deliver the right product, to the right SME, at the right time.