Seedrs, KissKissBankBank Partner with ING on Crowdfunding “Fast Track”

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Crowdfund Insider by JD Alois | October 14, 2015

ING-Seedrs-KissKissBankBank

ING Belgium has formed a partnership with two leading crowdfunding platforms.  Seedrs, based in the UK, and KissKissBankBank, based in France, will power a fast-track process for clients looking to raise capital.  In recognition of the fact that bank loans are not optimal for entrepreneurs and early stage companies, ING will now offer equity crowdfunding on Seedrs and rewards based crowdfunding on KissKissBankBank. This will allow SMEs to diversify sources of funding while engaging a much broader audience.

According to information provided by the bank, using the ING fast track procedure, will only take the entrepreneur a couple of clicks to get access to the selected platform. Seedrs and KissKissBankBank will then swiftly get in touch with the entrepreneur and give him a first indication on the suitability of the project for their platform and on the chances to succeed. The fast track procedure can save the entrepreneur  significant time and effort. The process is designed to improve the entrepreneur’s chances on successfully completing his crowdfunding campaign. Across continental Europe there is a growing recognition that an equity culture must be fostered to help build a more innovative and dynamic pan-European economy.  Crowdfunding is recognized as a much needed catalyst in this objective.

Related: Equity Crowdfunding Platform Seedrs Raises $15.6M To Launch In US

Jeff Lynn, co-founder and CEO of Seedrs, said he was quite excited to work with the global bank and Belgian business community.

“To our knowledge this is the first time that a well-respected, global financial institution like ING has partnered with a leading international equity crowdfunding platform like Seedrs, and we think this relationship is very encouraging for the future of business finance. We’re proud to have been chosen as ING’s partner for this venture, and we see our selection as further validation of our “equity crowdfunding done properly” approach,” stated Lynn.

Erik Van Den Eynden, Head of Midcorporates & Institutionals ING Belgium, viewed the partnership as allowing his bank to aid customers to “keep a step ahead in their business”.

“Our partnership with KissKissBankBank and Seedrs is an example. Our aim is to strengthen our customer’s project and to support them in the growth of their business. Our role is therefore much larger than that of your classic lender: we are a collaborative partner and advisor.”

Related: New online lenders make it easier to get small businesses loans

It is a fact that entrepreneurs who have access to several funding sources automatically find themselves in a more comfortable financial position. When assessing a loan application, banks naturally also look at the makeup of the company’s resources. Through crowdfunding, entrepreneurs can therefore reinforce their business as well as their position when applying for a loan.  ING benefits by maintaining the relationship with the SME and may be well positioned to provide debt financing and other services going forward.

ING also recognizes that a benefit of crowdfunding is that it gives the entrepreneur a chance to estimate whether the market is ready for such products or services. The exposure to a broader audience of course also creates a good marketing opportunity for an enterprise.

View: The Future of Financial Services

ING states that a project will be assessed within two days at most whether or not the project is suitable for the respective platform and what the chances of success are. If the project receives a positive appraisal from the platform, the entrepreneur can immediately kick off his crowdfunding campaign, supported by the platform.

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country.  NCFA Canada provides education, research, leadership, support and networking opportunities to over 1100+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  Learn more About Us or visit www.ncfacanada.org.

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