Exclusive: Nucleus Commercial Finance automates lending up to £250k, integrates with Open Banking

By Daniel Lanyon on Monday 24 August 2020

Alternative Lending

Chirag Shah, CEO, Nucleus Commercial Finance, says faster access to funding is increasingly needed during the pandemic.

Exclusive: Nucleus Commercial Finance automates lending up to £250k, integrates with Open Banking
Image source: Nucleus Commercial Finance/Chirag Shah

Nucleus Commercial Finance has digitised its underwriting process to provide automated underwriting decisions for SME loans up to £250k including lending through the Coronavirus Business Interruption Loan Scheme (CBILS). 

The firm, which has approved more than £100m for SMEs since the coronavirus outbreak, has made a substantial investment in its underwriting technology over the past year or so. Now, following a pilot, SMEs and brokers can see instant decisions on applications. 

Nucleus new system uses machine learning to make decisions in under a minute, significantly reducing the time spent reviewing finance applications.  

It has also fully integrated with Open Banking to improve the speed and accuracy of decision making for businesses, it says.

New features include automated ID verification and automated AML/KYC, which significantly reduce the administrative burden on both SMEs and their broker partners.  

To date, Nucleus has processed over 5,000 applications via auto-underwriting with instant decisions being provided on over two thirds (68 per cent) of deals.  

Chirag Shah, CEO, Nucleus Commercial Finance, says faster access to funding is increasingly needed during the pandemic. 

“Over the past 18 months, we’ve invested heavily in technology to deliver the best outcomes for our customers, resulting in a much smoother process for introducers and businesses alike,” he said. 

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