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Banct is launching the new AI-backed digital banking solution purpose built for businesses and the self-employed in 2023

The digital banking platform – built with industry-leading AI and automation technology – is the latest challenger to the high street banks and other fintech brands.

London, England, United Kingdom, November 8, 2023 – Banct’s ethos is that doing business with the world shouldn’t cost you the earth. Describing itself as the one-stop shop for business banking around the world, it was founded in 2021 by Omar Younes, an experienced auditor with a demonstrated history of working in the financial services industry, and Ibrahim Alahmar, an entrepreneur with experience in traditional and tech-innovative industries. They are passionate about making business banking borderless, cheaper and more accessible – particularly to businesses and self-employed people who feel short-changed by the traditional banks. 

In fact, with traditional banks, small businesses spend billions in foreign exchange fees every year – often at higher rates than larger corporations. Usually, they don’t have the ability to hold funds in multiple currencies, which means they’re forced to accept poor exchange rates and hidden mark-ups.

But Banct promises to give its customers the real exchange rate – with no hidden mark-ups – just a small, transparent fee. Unlike most banks, this platform allows businesses to hold money in 34 currencies, pay money to 180 countries, and lock in an exchange rate for up to 12 months. This gives them significantly more flexibility, particularly if they have a diverse, global client base operating in many different currencies.

Traditional banks have also been slow to invest in new technologies, such as automation. Research has shown that over 8 in 10 SMEs are frustrated with their banking experience; many complain of long decision-making processes, inflexible credit options and an inability to track income and expenditure in real-time

To solve these problems, Banct’s platform has built-in automation that can produce instant financial reports, invoices, and cash flow forecasts. What would usually take one person – or an entire team – hours or days – can now be done in minutes or seconds. This frees up time for business owners to focus on other creative and strategic tasks that add value to their businesses. 

Banct also offers full functionality on its web-based platform and mobile app, and guarantees to provide a better exchange rate than any traditional bank. Customers benefit from free budgeting tools, 24/7 access to real-time exchange rates, and 24/7 live-chat customer support.

Omar Younes: “Banct unleashes SMEs from billions in foreign exchange fees and liberates employees through automation. We’re not just cutting costs; we’re cutting the ties that hold businesses back.”

  • Research shows that banks charged SMEs £3.6 billion in foreign exchange fees in 2022. 
  • Banks offer SMEs lower interest on cash than larger companies.
  • Over 9 in 10 employees believe automation frees up more time to focus on the core aspects of their jobs.

About Banct

Banct is a 100% digital banking platform for SMEs, microenterprises, and freelancers. It provides everything that a traditional bank does  – but with more flexibility, better technology and lower costs. It usually only takes minutes to open an account, and the entire process is online. 


Media Info:

Name: Kristen Stewart

Organisation: Banct Limited

Website: https://banct.com/

Email: media@banct.com

Phone: +44 (0) 20 303 444 44

Address: 6th floor First Central 200 2 Lakeside Drive, Park Royal London NW10 7FQ United Kingdom