Liberis uses small business funding application via open banking

Wednesday 11 July 2018 11:43 CET | News

UK-based alternative finance provider Liberis has used open banking technology to increase funding access for UK small businesses.

Liberis was granted access by the customer to see their bank account transaction data in real time. By gaining insight into business’s funding needs and capabilities, Liberis used this new data source to enhance its decision-making. Liberis’s method is meant to assess the application without the customer having to provide additional physical proof of their transaction history.

Liberis provides funding from GBP 2,500 to GBP 300,000 to small businesses based on their future credit and debit card sales. The funding is paid back via a pre-agreed percentage of the business’ digital transactions, which means it’s especially suited to seasonal businesses as repayments are made in line with their daily income.

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Keywords: Liberis, UK, business funding, Open Banking, alternative finance provider, funding, digital transactions
Countries: World