FinTech startup Ormsby Street has launched its new credit-checking tool, CreditHQ, in Germany as part of a partnership with Deutsche Bank. The new solution allows small businesses to check the financial health and credit status of any customer or partner, and will be available to the small business customers of Deutsche Bank.

There are more than four million German enterprises that are classified as small and medium-sized businesses, accounting for 99.6 per cent of the total number of enterprises. German SMEs generated an annual turnover of approximately €2,149 billion in 2012, representing 35.3 per cent of the total turnover of German businesses.

Ormsby Street is collaborating with credit supplier Burgel to allow small businesses to check their credit status, payment performance and general financial health. A traffic light rating system indicates the level of risk associated with the company in question, and users are given two different ratings on their credit risk and other payment performance.

Martin Campbell, managing director of Ormsby Street, noted: “There is a growing need in Germany for an easy way of checking the credit status and payment performance of customers and CreditHQ meets that requirement head-on. Partnering with a bank in Germany is a great way of bringing CreditHQ to the German market and we are confident it will mirror our success in the UK.”

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