Former peer to peer lender and now digital SME lender ThinCats has partnered with Salt Edge, an Open Banking solutions provider, to improve the efficiency of its upfront credit assessment and ongoing loan monitoring processes. Salt Edge is a Fintech offering an API platform with PSD2 and open banking solutions.
As an online lender, ThinCats provides access to capital for mid-sized SMEs from the UK with loans from £1 million up to £15 million. According to a blog post, the collaboration with Salt Edge will enable ThinCats to build up its Open Banking dataset to support its customers with earlier identification of changing circumstances or additional funding needs. The company says that tata aggregation will help ThinCats to integrate real-time information in its credit decisioning.
Salt Edge’s Data Enrichment solution will upgrade ThinCats’ data models with actionable insights, that will help streamline and shorten the funding process for borrowers. Salt Edge notes that around 80% of UK SMEs have reported declines in revenues during the Covid-19 health crisis. This collaboration is expected to simplify the process of business loan approval.
Vasile Valcov, VP at Salt Edge, said that SMEs are in great need of data-led solutions. ThinCats is combining traditional lending skills with Open Banking tools.
ThinCats has enabled SMEs to borrow more than £665 million since platform launch.