By Daniel Lanyon on Tuesday 16 February 2021
The two firms are joining forces to offer SMEs loans scored using open banking data.
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transaction data, Atom is able to verify incomes, derive affordability, identify and mitigate risks associated with outdated information and lagging data.
“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.