Capitalise.com partners with Plaid to transform SME funding

Leveraging Plaid’s Open Banking technology, the partnership enables businesses to securely connect to their bank accounts and receive instant funding offers, eliminating the need for manual document uploads.

Accelerating access to capital

In an evolving economic landscape, swift and reliable access to funding is vital for small businesses. With Capitalise’s Instant Offers, supported by Plaid’s Open Banking services, businesses can now secure pre-approvals from multiple lenders, accept offers, and access funds within minutes – a process that traditionally takes days or weeks.

This integration improves Capitalise’s lending origination framework by reducing friction in funding journeys. The use of real-time data not only accelerates decision-making but also reduces administrative tasks for lenders, improving overall efficiency and conversion rates.

Growing adoption of Open Banking

The adoption of open banking technology by UK small businesses has risen by 18% year-over-year, reflecting increasing demand for streamlined financial processes. The rise of challenger banks and alternative lenders, which now account for over 60% of new SME lending, has created more options for business owners but also increased the complexity of selecting the right funding provider.

Capitalise’s marketplace of 100 lenders now includes ten integrated Open Finance lenders, with plans to expand partnerships further. This growing network simplifies the loan application process and provides small businesses with access to tailored financial solutions.

Benefits of Open Banking for SMEs

• Faster, simplified loan applications.

• Real-time financial data enabling rapid loan approvals.

• Personalised rates, potentially reducing borrowing costs.

This collaboration between Capitalise.com and Plaid underscores the transformative impact of Open Banking on the SME lending landscape. By simplifying the application process, expediting approvals, and offering personalised financial solutions, the partnership equips small businesses with the resources they need to adapt, grow, and succeed in a competitive market.