Soft4Leasing launches in the UK targeting SME lenders

A Lithuanian IT company is launching its management, finance and accountancy software system in the UK, targeting small to medium sized leasing companies, which it claims will bring speed and improved functionality to the lending market.

Soft4Leasing is already the preferred supplier for Toyota Financial Services in Europe, although has yet to agree terms in the UK. It also has a sizeable presence in Australia, its largest market, as well as more than 40 customers in North America.

The company exhibited at last year’s Fleet & Mobility Live show to start scoping the UK market and recently signed its first contract with Middlesex-based Black Arrows Finance, which lends to SMEs through its Red Arrows broker business.

As a Microsoft partner, Soft4Leasing’s system is built on the Microsoft Dynamics 365 platform which brings together customer relationship management (CRM) and enterprise resource planning (ERP) functions into a single platform, adding AI-driven insights and analysis.

Unge Kontare (pictured), Soft4Leasing chief business development officer, told Fleet News: “This is important for leasing companies and is one of the major distinguishers comparing us to the competitors.”

She added: “It can embrace all the data in one platform from the front office to the middle office to the back office, including financial accounting which makes it much easier to analyse everything with real time data. It’s also quick – we have a rapid approvals process within an hour.

“This is one of the biggest differences that we see as being a Microsoft partner.”

Soft4Leasing also benefits from Microsoft’s investment into artificial intelligence tools and is working on scenarios where it could most benefit its customers. It is considering hosting customer roundtables to discuss their pain points.

“Our idea is that the artificial intelligence tools will be used on the repetitive tasks where you can save a lot of time,” said Kontare.

“And the second thing is on high-risk tasks where you need the ‘four eyes principle’ (where key actions are reviewed and approved by at least two people). The system can double check or bring up some warning signals or discrepancies, you know that that your business is at high risk.

“This technology is so disruptive; it’s going to change the entire industry.”

Soft4Leasing is primarily targeting mid to small leasing companies in the FN50 and will support them via its Microsoft partner network rather than a UK office and dedicated workforce. Additional support will come from the central team for Europe and the UK.

In most instances, it will be replacing “outdated, unsupported existing systems”, according to Kontare, offering a speedy – typically six-to-12 months - implementation time. Occasionally, it will replace separate lease and accounting software systems with its single platform, which was the case with Toyota Financial Services in Ireland.

“Most competitors focus on tier one, those largest companies, while we love working with smaller clients because it's much faster and easier to bring them value,” she said.

“Technology is a tool so it’s always about what the business needs.  We can develop our solutions very quicky to meet their needs.”