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Plaid and Atom Bank ink open banking deal for SME lending

The two firms are joining forces to offer SMEs loans scored using open banking data.

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Atom Bank/Mark Mullen

Atom Bank, one of the first UK neobanks, and Plaid, a data platform for fintechs, have launched a new service to help UK SMEs access loans. 

As a result of the partnership, SMEs will be able to get "near real-time" lending decisions via Plaid-enabled open banking data.

Through access to SMEs' transaction data, Atom is able to verify incomes, derive affordability, identify and mitigate risks  associated with outdated information and lagging data.

In a blog post, Keith Grose, head of UK for Plaid, said that connecting to businesses’ banking data allows Atom to also anticipate SME financing needs to deliver other lending products.

“By using Open Banking data that Plaid unlocks, Atom will preempt borrowing, help grow users’ money and react in real-time to changes in financial situations—offering actionable nudges and personalised services delivered at just the right moment.” 

Grose adds that its services will also be rolled out to other Atom products, including savings and residential mortgages in the future. 

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