MuchBetter, the innovative fintech company, has announced an exciting expansion into the B2B sector with the launch of its own business account offering, MuchBetter Business (MBB).

MBB caters to enterprises seeking access to business accounts in a wide range of currencies, without the friction, long lead times, or high fees associated with traditional banks. Powered by specialists in the gaming and high-risk industries, MBB understands the unique needs and challenges these sectors face.

MBB’s offering is specifically designed for Licensed Gaming Entities and other regulated industries that struggle to access modern banking services with mainstream banks or are paying a premium for such services. MBB provide access to operational accounts and highly sought-after dedicated named segregated accounts, ensuring the protection of clients' assets, as is often mandated.

In partnership with a leading Tier 1 UK bank and as Direct SWIFT Members, MBB’s technology has been developed on Temenos' cutting-edge core banking platform and will offer underserved financial institutions access to:

• Business Operational Accounts, with qualifying licensed entities also receiving a complimentary dedicated named safeguarding account
• Cutting-edge web and mobile banking apps, enabling finance teams to manage accounts and make payments with ease
• Accounts in 35 currencies, allowing companies to process FX transactions from their banking apps in all of these currencies with attractive rates
• Global payment rails for UK domestic, Eurozone, and International payments
• An accelerated onboarding process that adheres to KYB regulatory requirements, reducing the time from account application to activation

With non-traditional lenders and challenger banks accounting for 60% of annual gross bank lending to small businesses as of 2024, there is a clear appetite for modern and tailored banking services that meet the unique needs of traditionally underserved sectors. Licensed by the UK’s Financial Conduct Authority as an e-money institution (EMI), MBB recognises the need for alternative banking solutions that offer customised solutions along with more flexibility and innovation.

MBB accounts are just one of the exciting offerings from this company, which also includes an e-wallet, a payments gateway, digital corporate cards, and soon to be white-label offerings of all these products. This company is poised to offer a whole ecosystem of services, marking just the beginning of its journey into the B2B space. 

Derrick Lynagh, Head of Strategic Sales and Partnerships at MuchBetter, commented: “There are lots of businesses that have applied for accounts from traditional banks and been denied due to banks’ strict risk appetite. That means many reputable enterprises in high-risk segments are struggling to access the modern, digital banking services they deserve and need to grow. In fact, many of MuchBetter’s senior team come from the gaming sector and as such have an intimate understanding of these challenges. MBB’s goal is to provide fast and simple banking solutions and friction-free payments for businesses struggling to get services elsewhere.

“While some competitors offer one or some of these services, few provide a complete package like MBB. Our competitive edge comes from a mix of comprehensive service offerings and competitive pricing, as well as the extensive knowledge of underserved sectors that our team carries. I am confident that MBB will make a significant impact by empowering businesses with a fully digital user experience and first-class support. MuchBetter is committed to continuous innovation and improvement. With a strong focus on research and development, our early adopters will also benefit from our ongoing investments, ensuring that our applications remain at the forefront of technology.”