ABN Amro is promising credit-worthy small businesses a decision on a loan application in 15 minutes through a home-grown fintech startup, dubbed New10.
New10 provides loans ranging between EUR 20,000 and EUR 1 million. The applicant chooses the purpose, amount and term of the loan and then uploads transaction details and financial statements.
Mark Schröder, co-founder and commercial director of New10, says: "The applicant gets an answer within 15 minutes. In the last step, the applicant provides digital identification and the contracts are digitally signed. Within two days, the money is deposited into the business owner’s account."
New10 is being run as an independent business entity with its own offices away from the incumbent culture and IT of its parent.
It's not the first time the Dutch bank has trod the startup path, with mortgage provider Florius and mobile payments app Tikkie following a similar gestation.
Daphne de Kluis, CEO of commercial banking at ABN Amro says: "New10 embodies our enterprising approach to digitalisation and innovation. We combine the bank’s knowledge and experience with the digital skills and ideas available outside the bank. New10’s fully digital approach responds to the needs of a growing group of businesses that want to do everything online."