Independent finance broker, Bluestone, has launched a “pioneering” end-to-end online platform that enables an auto-decisioning facility for their financing requirements.
Using an API (application processing interface) developed by Bluestone in collaboration with the UK Commercial Finance business of Siemens Financial Services (SFS), Investec Asset Finance (IAF) and Quantum Funding, the platform allows quick quotes to be drawn up and finance applications to be decisioned within minutes, all from within Bluestone’s native operational systems.
The automated funder APIs went live in January 2024 with SFS and in May 2024 with IAF and Quantum Funding. The result is an end-to-end finance platform for UK businesses and their customers. It enables UK businesses and organisations to get finance quotes for themselves or their customers, submit applications, obtain decisions, eSign documentation, and track the progress of those applications through to completion, whenever and wherever they need to.
The Bluestone portal provides the most automated application process for commercial clients in the broker-market; it gives confidence to funders that the necessary checks and due diligence are being actioned on every transaction, whilst providing instant access to finance from any device for UK companies.
The Bluestone Portal’s innovative systems, automation and algorithms ensures that applications are directed to lenders that have an appetite for the credit requirements of the client in line with the FCA’s Consumer Duty and treating customers fairly.
The portal also relieves Bluestone staff of the need to manually process many types of transaction, streamlining the customer journey and leaving more time to concentrate on more complex applications. The revolutionary facility with SFS, IAF and Quantum Funding also opens the door to scaled business growth for Bluestone without having to continually employ new staff.
While the automated funder APIs went live in May 2024, the Bluestone Portal https://portal.bluestone.app/ was originally launched in January 2024 as part of the company’s biggest rebrand in 27 years including a brand-new website on a new domain: https://www.bluestone.app/
Comment from Vineesh Madaan, Managing Director at Bluestone:
“Bluestone has been supporting UK businesses with commercial finance since 1997. We are proud to have developed to be much more consultative, examining our clients’ requirements and coming up with creative financing solutions and structures to truly fit their needs. However, in developing this consultative service, we noticed that more pieces of potential business – particularly simple transactions between five and fifty thousand pounds – were sometimes slipping over to our competitors. We recognised that there was a need for a fully online ‘self-serve’ portal for clients.
“Other portals in the market were rather simple and basic in their functionality, and none are utilising the levels of technology that the Bluestone Portal does. We wanted to do something different – and better! It had to be more powerful but very simple for the customer to use. The result is the Bluestone Portal which took over 18 months to develop and required a significant investment in terms of funding and resources.”
Comment from Mark Hargreaves, Finance Director at Bluestone:
“In parallel with the development of the Bluestone portal, we got in touch with SFS, IAF and Quantum, and they are now the first funders in our portal. The integration means that funding applications run straight out of our system with no complication. The links and data flows are all automated.
“Since we launched the platform, the throughput has been smooth both for us and for our funders. Acceptance rates for applications are almost ten times as good as we had initially expected. It’s been revolutionary for our business. Our growth ambitions are better served, because we can grow without constantly adding new people to the team. Over time we plan to invite more of our funders to integrate with the Bluestone Portal so we can continue to build our margins and volume.”
Comment from Richard Tamlyn, Head of Sales and Marketing, Bluestone
“We believe the Bluestone Portal provides the most automated application process for commercial clients in the broker-market. The Bluestone Portal gives confidence to funders that the necessary checks and due diligence are being actioned on every transaction, whilst providing instant access to finance from any device for UK companies.”
Comment from Rob White, Siemens Financial Services
“We're thrilled that Bluestone chose SFS to pioneer the first API connection into their groundbreaking new portal. From the outset, Bluestone had a clear vision of revolutionising the industry landscape by creating a portal that not only disrupts the status quo but also enhances the entire customer journey from proposal to payout. Throughout the project, Bluestone has remained committed to putting the customer first, crafting a system that empowers them by keeping the customer & supplier in control over the quoting and initial credit application stages of the process. It has been a pleasure to support Bluestone to deliver this initiative."
Comment from Stuart Hughes, Head of Brokers, Investec Asset Finance
“We have worked with Bluestone for many years and were privileged to be one of the first funders approached to collaborate with them on the introduction of their new Bluestone Portal. Having foresight to incorporate not only internal funder APIs, but the ability to allow suppliers and partners the access to vital information when sourcing finance for their customers in real time is very well considered. Combining our digital journeys will provide efficiencies to both broker and funder which, without a doubt, will benefit the customer experience too. We look forward to working together on the next development phases of the portal – a huge well done!”
https://www.bluestone.app/portal-help