The implementation of Open Banking enables businesses to share their financial information with providers in real time.
As a result, Boost Capital can now review, approve and fund loan applications in as little as two business days.
Alex Littner, managing director at Boost Capital (pictured above), 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.
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“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.”
This news comes after Boost Capital recently refinanced its credit line and increased its funding capacity by 50% to £47m.
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