Four new FinTechs have been approved to issue the government’s Coronavirus Business Interruption Scheme loans.
They are MarketFinance, Capital on Tap, Shawbrook Bank and Bank Leumi.
There are now over 60 CBILS accredited lenders in the UK.
Other FinTechs approved include Starling, OakNorth and Funding Circle.
What does this mean?
Around £5.5bn has been lent so far through CBILS. Initially many SMEs said the process to apply for and receive finance was too slow, and high demand has continued. This has resulted in FinTech solutions being considered and recognised for their efficiency.