New Partnership: kompasbank and Crediwire join forces to deliver better financial experiences to SMEs

Danish small and medium-sized enterprises (SMEs) can now look forward to smoother banking processes and more proactive financial advice at kompasbank. Through Crediwire’s platform the bank can gain real-time insight into customers’ financial data. 

This new partnership between kompasbank and Danish fintech Crediwire will make it easier for SMEs to manage their finances and share their financial data with kompasbank in real time. kompasbank’s customers can now connect to Crediwire at no cost, allowing the platform to gather and structure their financial data on a single digital platform. 

"I've seen countless examples during my time at Crediwire where collaboration has led to success. We welcome new opportunities, solutions, and perspectives because we know that the potential for value creation increases with a strong partnership," says Nicholas Meilstrup, CEO of Crediwire.

While it is optional for customers to use the platform and share their financial data with kompasbank, Henrik Larsen, Commercial Director at kompasbank, highlights the benefits of the new partnership.

"Crediwire adds an extra dimension to our data foundation, enabling us to provide faster and more informed advice. At the same time, our customers gain a comprehensive overview of their key financial metrics and performance, which they can share with us via the platform. This provides business owners with peace of mind and allows us to offer timely financial advice that can drive progress and growth," says Henrik Larsen.

The proactive advice will be based on benchmark analyses that the bank's business account managers can create using anonymized data from other companies available through the platform.

"We will actively use benchmark analysis in our advisory services because it enhances our understanding of the customer and makes it easier to identify both opportunities and challenges," says Henrik Larsen.

Faster Responses to Loan Applications

For both current and future customers, the loan application process will become quicker and easier, thanks to the shared digital data platform.

"We can access the necessary data via the platform, eliminating the need for business owners to spend time gathering figures and documentation. We'll have access to data over a longer period rather than just a snapshot, making our credit assessments more nuanced—and much faster. Whether it's about growth opportunities or adjustments, time is always a crucial factor for the customer," says Henrik Larsen.

The new partnership with Crediwire is available to both new and existing customers at kompasbank, and several of the bank's customers are already using the platform.

"We are very pleased that kompasbank has given us the opportunity to use Crediwire's digital solution. The platform provides us with a clear overview of our financial performance, and it's particularly useful that you can break down the data by months, quarters, and years and compare performance with previous periods. It's everything I need on a daily basis—clear and quick overview," says Nihad Bihorac, CEO and partner at Victoria Vine.

The number of customers connected to the platform is expected to increase before 2024, when new digital bookkeeping regulations come into effect.

Advantages of Consolidating Financial Data Digitally

• Automate your company's quarterly reporting to kompasbank.

• Save time and ensure data quality as data is collected automatically.

• Get a complete overview of your company's performance and benchmark against others in the industry in real time.

• Gain a better foundation for future decisions through forecasting and scenario-building.

Read more about how Crediwire can deliver better financial experiences in their brand-new playbook here.

You can sign up for Crediwire’s platform here.