Nucleus Commercial Finance hits £2 bn lending milestone
Nucleus Commercial Finance, the FinTech revolutionising how UK SMEs access finance, has announced that it has reached £2 billion in lending to SMEs.
This milestone has been reached following a year of record growth for FinTech, which saw it lend over £450 million to UK businesses in 2020. This growth has been driven by Nucleus’ vital role in the rollout of the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and its application of technology to transform the lending experience for brokers and businesses.
The launch of its automated underwriting solution and the implementation of Open Banking has resulted in FinTech making 90% of application decisions within one hour. These growth drivers have enabled Nucleus to rapidly scale lending across its full product suite and bring new solutions to market, such as Business Growth Loans, a first-of-its-kind product to help businesses with flexible funding post-CBILS.
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Source: Nucleus Commercial Finance hits £2 bn Lending Milestone