A Kent-based beauty salon has secured a £10,000 business loan through Funding Options using Open Banking data.
The commercial finance brokerage used the data which saw the loan go from application to approval in one hour and 23 minutes.
Funding Options is using Open Banking data to ‘fast track’ SME credit approvals.
Conrad Ford, founder and CEO at Funding Options (pictured above), said that the announcement was a first for the brokerage and another step forward in the fintech and small business communities as Open Banking data started to make a real difference at the grass-roots level to UK businesses.
“Every business is individual, but the process of accessing finance until now has been standardised; a perennial absurdity is that SMEs end up scanning their paper bank statements, only for the data to be manually re-entered into the underwriting systems of modern online lenders.
“Now businesses can access a thriving market of alternative lenders ready to deliver much-needed funding for the SME community, while driving forward the UK economy as a whole.”
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