ING announced this week it has started to offer online lending to small and medium enterprises (SMEs) in France and Italy. According to ING, this proposition fits its strategy to grow its lending business to SMEs and creating a differentiating customer experience. The offering has been developed in a unique collaboration with suppliers and fintechs, including Kabbage, the fintech ING is already offering instant lending with to SMEs in Spain since 2016.
“We’re happy to expand the instant lending offering for SME customers to more countries across Europe. This way we’re able to empower a new segment of customers in France and Italy. The service offers great advantage for customers who want to concentrate on running their businesses and don’t want to spend too much time on managing their finances. In a paperless and digital process, clients can get approval for a loan up to EUR 100,000 within 10 minutes. It’s a fully transparent and flexible product: for example, the maximum limit can be taken in different loans. This solution illustrates how ING is using the numerous opportunities the digital revolution offers to help people to stay a step ahead in life and in business.”
ING went on to add that the service will also be offered as one identical digital solution on the ING website in both France and Italy. Along with announcing its SME lending expansion, the company announced its ING Ventures, a €300 million fund that aims to invest in fintech companies. The company revealed that the fund was created to accelerate the pace of innovation and will expand the existing portfolio of investments in the next four years.