By Oliver Smith on Thursday 25 June 2020
Another partnership between an alternative lender and fintech bank.
German alternative lender Kapilendo has today launched instant-access to German state-backed loans with the financial support of Varengold Bank.
The loans, which are 100 per cent backed by the German government in the wake of Covid-19, are being funded by Varengold and use the technology platform of Kapilendo to pass applications to KfW, the state development bank which approves the loans.
“Together with Varengold Bank, and with excellent support from KfW, we have managed to provide the German ‘Mittelstand’ with a straightforward and digital access to the KfW instant loan programme,” said Kapilendo co-founder and CEO Christopher Grätz.
“This is good news particularly for those companies which have difficulties accessing this programme because they lack a long-standing credit relationship with their principal bank.”
The move is similar to others we’ve seen in the UK, including Starling Bank and Funding Circle’s £300m partnership for the deposit-holding bank to fund Funding Circle’s CBILS lending.
In Germany Kapilendo claims this is the first fully digital solution for the country’s state-backed instant lending scheme, which has so far approved just 7,397 loans.
“In the current situation it was imperative to create a straightforward and digital access to these instant loans, which we have managed to achieve in cooperation with Varengold Bank,” added Grätz.
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