Atom bank expands Open Banking capabilities

Atom Bank is partnering with FinTech Credit Kudos to expand its open data capabilities and help deliver £1 billion lending to 10,000 small businesses over the next two years.

The partnership will enable the bank to automate the assessment of small business loan applications while having access to real-time insights into a business’ financial situation.

Credit Kudos uses Open Banking data to provide a holistic view of both individuals’ and business’ finances.

This means Atom Bank will now understand the current financial position of the applicant and offer them the right lending at the right time.

The partnership between Atom and Credit Kudos will initially focus on secured small business lending with plans to expand this to unsecured business lending and to support its residential mortgage lending by the end of 2021.

“Our partnership with Credit Kudos will allow us to further expand the range and accelerate the pace of our lending,” said Edward Twiddy, chief customer officer, Atom Bank. “We’re delighted to be working with another FinTech challenger to bring insights based on Open Banking data into the heart of Atom’s decision making - both for business customers and for our award winning mortgages. After a year when we’ve tripled the amount of business lending on our books, we’re now well set to take Atom on to even greater levels of efficiency and engagement thanks to the investment we’re making with Credit Kudos.”

Freddy Kelly, chief executive and founder of Credit Kudos said: “Over the past year it’s been increasingly difficult for lenders to understand the current financial situation of individuals and businesses. Traditional credit reports are not up-to-date or extensive enough, but Open Banking data allows us to provide lenders with a real-time, holistic overview of an individual or businesses’ finances, as well as a prediction of future circumstances. Our partnership will help Atom bank make significant advances to its services and support even more small businesses in the coming months and years.”

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