Capital on Tap integrates TrueLayer to boost SME lending service
Digital small business lender Capital on Tap has integrated TrueLayer technology to boost its ability to lend to small and medium-sized enterprises (SMEs).
The firm, which offers up to £50,000 and a business credit card and promises an online loan decision within two minutes, hopes that TrueLayer will increase the accuracy of its underwriting process by enabling it to use real-time financial data.
Capital on Tap has launched two new services during the COVID-19 pandemic to provide reduced monthly payments on existing loans and increase the credit limit of current customers.
Customers who opt-in to their financial data being analysed via TrueLayer’s integration will be able to adjust their monthly repayments and apply for an increased credit limit.
Capital on Tap claims to have provided funding to over 100,000 SMEs and in total lent close to £2 billion.
“Over the last few weeks, the team has been working tirelessly on implementing new self-service features including enabling customers to manage their monthly repayments where necessary,” says David Luck, CEO and co-founder of Capital on Tap.
“At the end of March, call wait times shot up from 30 seconds to two hours so the self-service feature had to be built quickly – and has meant wait times are back down to the 30 second average.”
According to the two firms, the TrueLayer technology integration was completed in two weeks.
Francesco Simoneschi, CEO of TrueLayer, adds that through open banking services like his company’s financial services firms have the opportunity to “radically speed up” access to finance.
TrueLayer announced earlier this month that its application programming interface (API) platform would be free to any person or business looking to use open banking to solve issues surrounding the ongoing coronavirus pandemic.