Nucleus Commercial Finance hits £2 bn Lending Milestone
By Joy Dumasia
Nucleus Commercial Finance, the FinTech is revolutionising how UK SMEs access finance, has announced that it has reached £2 billion in lending to SMEs.
This milestone has been reached following a year of record growth for FinTech, which saw it lend over £450 million to UK businesses in 2020. This growth has been driven by Nucleus’ vital role in the rollout of the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and its application of technology to transform the lending experience for brokers and businesses.
The launch of its automated underwriting solution and the implementation of Open Banking has resulted in FinTech making 90% of application decisions within one hour. These growth drivers have enabled Nucleus to rapidly scale lending across its full product suite and bring new solutions to market, such as Business Growth Loans, a first-of-its-kind product to help businesses with flexible funding post-CBILS.
Chirag Shah, CEO, Nucleus Commercial Finance, said: “We’re delighted to have broken the £2 billion milestone just two years after reaching £1 billion in lending. This is a testament to the Nucleus team’s hard work and ambition to innovate and create the unique solutions that SMEs need. SMEs have faced a challenging 18 months, but we have demonstrated the crucial role FinTech lenders play in providing the vital support businesses need to survive and thrive. SMEs and brokers have experienced the benefits of our automated underwriting and Open Banking solutions, and we are extremely excited to take them on the next stage of our journey as we continue to build and evolve our technology to deliver what the industry needs for the future.”
Recently, IBS Intelligence reported that Nucleus Commercial Finance, the FinTech revolutionising how UK SMEs access finance, has been accredited by the British Business Bank under the government-backed Recovery Loan Scheme (RLS). Nucleus will be the first lender to offer interest-only on all RLS term loans.
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