Experian and alternative lender TRIVER have announced a new partnership designed to speed up the SME lending process.
TRIVER said it aims to "revolutionise" the SME lending process by underwriting the risk of small business borrowing quickly and easily, providing advances on business invoices at any time.
Experian is providing the lender with several data solutions to facilitate an end-to-end automated application and approval journey which completes in as little as six minutes.
The move aims to support SMEs simplify the process of borrowing, including reducing the traditionally lengthy application process and the submission of significant paperwork.
“As a new FinTech we have the opportunity to build a solution from scratch that fully utilises the latest digital solutions and data," said Jenny Holt, chief risk officer, TRIVER. "We knew Experian could provide the expansive data sources to support a fully automated solution.
“It is a real gamechanger, and empowers us to make smarter and more accurate decisions in the approval process. All we need to ask of businesses is their name and which of the directors is applying for funding, and we can approve applications in just a few minutes. It is a vital tool for us to go live and to identify those small businesses we can support.”
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