FinTech Starling Bank has lent out £90mn worth of government Bounce Back Loans in just over one day.
In Brief:
It has committed a total of £120mn.
The bank has also added nearly 1,900 new business accounts within 24 hours.
Starling was among the first lenders to be approved through the scheme following success with CBILS.
What does this mean?
Starling has also launched a new sole trader account in addition to its increasingly popular business account, as people continue to manage their money at home and entrepreneurs feel the pinch. The challenger bank has also set up a support scheme for Covid-19 where customers can arrange a “holiday” from their overdraft, and is rolling out Connected Cards for carers to make life easier in lockdown.
