Fundbox (US): Fundbox can make lending decisions in under three minutes without requiring paperwork or a credit check. If approved, businesses typically get the funds within 24 hours. OnDeck (US): OnDeck has lent $10 billion to businesses across the world. It only takes 7.2 minutes on average to complete a loan application and the lending decision is based on the business’s overall health.
Clearbanc (Canada): Clearbanc analyzes revenue data and evaluates the health of the business directly from an SME’s bank account. Instead of looking at past performance, like many other lenders, Clearbanc uses banking data to predict future business success.
Funding Circle (UK): Funding Circle has originated over £5 billion of loans through their P2P platform and is able to provide a decision on an application in only a few seconds.
Novicap (Spain): Invoice factoring is
iZettle (Germany): iZettle offer their POS customers short-term business loans. They use the real-time transaction data captured on their platform to predict business performance and credit risk. platforms like Penta are now expanding their services to include short-term business loans, through a fully digital application journey, with pay- outs available within 48 hours. Penta (Germany) Online business account
traditionally a lengthy and manual process but Novicap has developed an application and funding platform with a 100% online application process, and can deliver financing within 48 hours.
Validus (Singapore): Validus Is a P2P lending platform that typically funds loans within four days. Its credit risk model analyzes information from invoices, contracts and cash flow. They use many data points and machine learning to identify high potential SMEs. Multiply (Singapore): Multiply is an online provider of invoice factoring and unsecured business loans. With a fully online application process and digital documentation facility, business loans can be funded within 24 hours.
Konfio (Mexico): Konfio provides a fast
alternative loan option for SMEs. Decisioning is based on electronic invoice data and they can typically fund loans within a one-day turnaround period.
Omni Latam (Chile & Colombia) Omni Latam is Latin America’s first neobank for SMEs. Omni uses big data, machine learning, and automated invoice analysis to provide SMEs with accurate factoring services and funding in 24 hours.
Prospa (Australia): Applications with Prospa, can take as little as ten minutes and funds can be drawn in less than 24 hours. A key innovation they have adopted is linking applicants’ bank accounts to their platform, speeding up the verification process and attaining business MI in real-time.
Capital Float (India): Alongside credit scoring, Capital Float’s decisioning process also includes a psychometric assessment. Businesses can apply online in 10 minutes and get a decision instantly, and they’ll typically have the funds in hand within 72 hours.
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