Starling Bank, a leading UK digital bank, has been moving rapidly to implement COVID-19 business relief programs authorized by the UK government. Starling is the first Fintech to be approved as a Bounce Back Loan (BBLS) provider and, earlier this week, Starling and Funding Circle formed a partnership to process lending via the CBILS.
Today, via Twitter, Starling Bank CEO Anne Boden said they have been very busy “lending £258m to SMEs since Monday and also funding another £300m through Funding Circle. Getting the loans to the people that need them!”
It was previously reported that Starling Bank processed £90 million on the first day of BBLS.
One individual that apparently applied for a Bounce Back Loan said after completing the application process on Starling Bank the funds were delivered into his account 7 minutes later – highlighting the power of Fintech lending. That is pretty awesome.
I try to stay kinda neutral… but I can’t. @StarlingBank is the best ever Bank.
I started… STARTED a #BBLs application… 7 mins later funds hit my account.
From STARTING. @AnneBoden… nearly 6 years ago when I had even less idea what I am doing, you told me about…
— Ali Paterson (@AliPaterson) May 13, 2020
Boden said they have been working around the clock to distribute funds under the BBLS.
Thank you to the @StarlingBank team who are working round the clock to get Bounce Back loans into the hands of the owners of small businesses.
— Anne Boden (@AnneBoden) May 11, 2020
Boden also took a minute to provide some digital customer support for an individual that needed some assistance in transferring some funds to a Starling account of a supplier.
Thanks Anne. I need to send $350k though 😂
— Danny Buck 🍥 (@thedannybuck) May 14, 2020
I do not believe I have ever seen the CEO of a traditional bank provide this type of support via Twitter (or anywhere else for that matter).