Online valuation services have become indispensable tools for consumers when house-hunting or checking their credit scores, and now the service is being used to help small and medium-sized enterprises work out their value.
Consumers on the hunt for a decent credit card deal or mortgage have long since been able to access their credit scores using services such as Experian for as little as £15 ($20) per month, but for an unlisted business, fees of around £5,000 along with a six-week wait are the norm when looking for a valuation.
Experian, one of the largest credit scoring agencies in the world, has seen its share price climb around 10 percent in the last year,but the group said it was demand from corporate customers, not consumers that is pushing growth as the stabilizing economy has helped customers in their search for personal finance products.
Newly launched in the U.K. this week at finance technology event Finovate, online business valuation service Bizequity aims to crack the U.K. small and medium-sized enterprise (SME) valuation market in the next two years, building on its 200,000 strong user base worldwide.
Launched in the U.S. by venture capitalist Michael Carter in July 2010, the online valuation platform allows company owners to work out the value of their business, with monthly fees starting at £40 ($60) per month.