AXLR8 Finance

It's been said there are four wheels of economic growth: labour, natural resources, capital, and technology. Now, we might not all be economists, but we can safely say that if one of these wheels comes off, it's going to be a bumpy ride.

In short, we need all four wheels to turn effectively to keep the country on the road. AXLR8 Finance, as the name might suggest, is oiling the axle on which the capital wheel turns.

For example, staying with wheels, let's imagine a small haulage company needs a new lorry. As Rick Marengo, founder and owner of AXLR8 Finance explains, The business can see an opportunity to grow by getting another truck to transport goods. Management knows work is waiting to be done at a good profit, if only they could afford to pay for the lorry up-front. But, of course, they can't. The cost of buying the vehicle is prohibitive despite the value it would create.

We've invested in Fasthosts because of the support...sometimes you just need to speak to someone – and quickly. We can do that with Fasthosts

This is where finance brokers come in. They sit between lenders – such as banks among others – and small businesses. The investors rely on them to deliver loan applications that are well prepared and considered, based on a sound understanding of the system and a proper business plan.

Small businesses rely on them to find the best loans or investment based on their needs, ability to repay and plans for growth. As Rick continues, The expertise of the brokers lies in understanding the needs of both parties and creating a match made in heaven.

Going back to our example of the haulier, if it went to a broker, it would get expert help to create the loan application. It could get the capital needed for the lorry and begin paying it back with the profits from carting goods around the country.

Sounds simple, doesn't it? However, there are always challenges along the way. How do the brokers attract small businesses looking for loans? How do they build and manage all the loan applications in a consistent way? How do they track everything to remain compliant with rules set by the Financial

Conduct Authority (FCA) and the National Association of Commercial Finance Brokers (NACFB) as well as general statutory responsibilities such as GDPR?

AXLR8 Finance is solving these problems. Its software is crucial for brokers in helping connect small businesses with the money they need to invest in new machinery, factories or other assets. Based in Crowthorne, Berkshire, Rick began growing his software company in 1993. This followed his early career gaining experience in sales with Oracle and HP, selling software throughout Europe, the Middle East and Africa.

We've created technology for finance brokers that includes all the tools they need to keep the wheels of the economy turning, explains Rick. It does everything from lender relationship management and customer management, through to money laundering checks and many other compliance requirements. The system also covers funder proposal and quotation management for regulated and unregulated funding requirements, loan book management and much more.

AXLR8 Finance's software is based in the cloud and hosted on Fasthosts dedicated servers. The need to stay compliant and have water-tight record keeping and processes is crucial to our customers, says Rick.

Fasthosts is cost-effective, yes. But the most important thing for our financial clients is reliability. If they couldn't trust the system to provide instant data to meet FCA rules, they could lose their livelihoods. It's that simple. Fasthosts allows us to offer that level of assurance.

Fasthosts is cost-effective, yes... but the most important thing for our financial clients is reliability. Fasthosts allows us to offer that level of assurance.

Support is also of paramount importance to AXLR8 Finance. The service is brilliant, Rick says with a serious tone. If we need help, we can get it at any time of day or night. We've used a lot of hosting companies across our whole portfolio of software, but we've invested in Fasthosts because of the support. Many businesses use automated systems, chatbots and email forms. These are useful, but sometimes you just need to speak to someone – and quickly. We can do that with Fasthosts.

Rick has a vision to keep growing AXLR8 Finance's business, and that of its sister companies serving sectors, such as staff management and the public sector. In doing so, he needs a failsafe technology partner he can rely on, 24/7. Because software is useless unless the hardware it operates on is highly reliable, cutting-edge and easy-to-use.

This is why Rick has been with Fasthosts for 18 years and it's why he plans to continue being a customer as the firm remains committed to helping keep the wheels of the economy turning.