The company said it had reached the milestone after a year of record growth in which it lent over £450 million to UK businesses in 2020.
Chirag Shah, CEO of Nucleus Commercial Finance, said: “We’re delighted to have broken the £2 billion milestone just two years after reaching £1 billion in lending. This is testament to the Nucleus team’s hard work and ambition to innovate and create the unique solutions that SMEs need.”
Nucleus Commercial Finance said that the launch of its automated underwriting solution and the implementation of Open Banking means it can make 90% of application decisions within one hour.
The company also brought a new solution to the SME market, Business Growth Loans, to help businesses with flexible funding post-CBILS.
Shah added: “SMEs have faced a challenging 18 months, but we have demonstrated the crucial role fintech lenders play in providing the vital support businesses need to survive and thrive.
“SMEs and brokers have experienced the benefits of our automated underwriting and Open Banking solutions, and we are extremely excited to take them on the next stage of our journey as we continue to build and evolve our technology to deliver what the industry needs for the future.”
Nucleus Commercial Finance was founded in 2011 and offers businesses loans of between £3,000 and £50 million.
Chirag Shah wrote for Open Banking Expo earlier this year – to read Insight: Transforming access to SME finance click here.