A win-win for the SME loan duo.
Image source: Starling Bank.
This morning Financing options announced that Starling will be added to its lender panel, which now includes more than 120 lenders.
The addition of Starling Bank is a key victory for Financing options which has helped SMEs access over £ 850million in CBILS loans over the past 12 months through its partnerships with companies like Iwoca, Lloyds Bank and Financial market.
Starling Bank, meanwhile, has issued over £ 2 billion in government guaranteed loans over the same period and now claims to have a 5% market share among small business accounts.
The partnership should be win-win for both fintechs, with Financing options facilitating more loans and Starling gaining more opinion shares among SMEs, in turn helping it achieve its goal of 18 percent market share among small business accounts over the next five years.
“By forming loan partnerships with credit brokers such as Financing options, Starling makes it easier for small businesses to access the funds they need to survive, grow and prosper, ”said Helene Bierton, banking director at Starling Bank.