ThinCats teams up with Salt Edge to boost SME lending

By Megha Bhattacharya

UK-based alternative lender ThinCats partnered with Salt Edge with an aim to boost the efficiency of its upfront credit assessment and ongoing loan monitoring processes. The collaboration is expected to enable ThinCats to build up its Open Banking dataset for supporting customers through earlier identification of changing circumstances or additional funding needs. Data aggregation will help ThinCats to integrate real-time information in its credit decisioning and portfolio monitoring.

“Given the high volume of cashflow backed loans that we fund, Open Banking has a key role to play in helping us support creditworthy, but asset-light businesses, so it was important for us to find the right partner. Salt Edge were able to provide a portal-based trial within days, which enabled us to test both the technical aspects of the service and the usefulness of outputs we could expect to see. The support throughout the trial and as we moved to a live API-based solution was excellent; feedback from clients also indicated that the sign-up process from their side was straightforward and user-friendly” said Gareth Rumsey, Head of Analytics, ThinCats.

According to the lender, Salt Edge’s data enrichment solution will upgrade the former’s data models with actionable insights that will help streamline and shorten the funding process for borrowers.

Recently, cloud banking solutions provider nCino announced that UK-based alternative mid-sized business lender ThinCats will be expanding its use of the nCino Bank Operating System across its wider SME lending processes. The company recently deployed nCino’s Coronavirus Business Interruption Loan Scheme (CBILS) workflow.

“SMEs are in great need of better data-led solutions and we are truly proud to be teaming up with ThinCats, who are combining traditional lending skills with powerful data analytics, and now Open Banking capabilities through our collaboration, to help businesses grow,” said Vasile Valcov, VP at Salt Edge.