Boost Capital, a leading provider of small business financing, today announced the launch of Open Banking capabilities as part of the company’s efforts to accelerate the funding process and improve the customer experience for small and medium-sized enterprises (SMEs) applying for financing.
Open Banking enables businesses to share their financial information with providers in real-time. Support for Open Banking means SMEs can more easily share their financial information with Boost Capital enabling the company to offer the best financing solution for the SME. With Open Banking, Boost Capital can now review, approve and fund loan applications in as little as two business days.
In January 2018, the UK became the first nation to launch Open Banking, making it possible for UK-based businesses to give providers secure access to their financial accounts. The initiative is designed to enable greater transparency for financial data in Europe, including bank account statements and transactions, and is seeing high adoption among financial institutions and within the fintech industry.
Boost Capital’s managing director Alex Littner said: “All of our efforts are focused on making it as simple as possible for small business owners to quickly get the working capital they need to grow their business. Our integration with Open Banking will streamline the loan process and give us richer, more accurate data on businesses that will allow us to offer the best possible financing solution—and faster.”
Boost Capital is expanding the breadth of its financial solutions and recently introduced innovative new tools designed to help SMEs in the UK achieve their potential. A key enhancement is the company’s improved loan decision engine that provides fast and accurate credit risk analysis to assess loans up to £35,000 in a matter of hours after application.
In January, Boost Capital refinanced and renewed its existing credit facility with New York-based investment firm Atalaya Capital Management, increasing its funding capacity by 50% to £47 million from £31 million to support continued growth of the company’s financing solutions.
The British Bank Awards recently named Boost Capital as a 2019 finalist in their ‘Best Alternative Finance Provider’ and ‘Best Business Finance Provider’ categories. Additionally, the 2019 Business Moneyfacts Awards shortlisted the company as ‘Best Alternative Business Funding Provider,’ ‘Best Service from an Alternative Funding Provider’ and ‘Best Franchisee Banking Provider.’
Source: Boost Capital