Small businesses who are applying for financing can now benefit from the introduction of open banking in the application process. SMEs can consent to share up to 12 months of transaction data with Got Capital via the DirectID Connect widget. Following consent, agents at Got Capital can immediately view the categorised data in the DirectID Dashboard. Got Capital's underwriting and risk analysts can then assess and determine the business's true revenues without the need for PDF or paper bank statements, thus providing a more speedy and accurate service.

Got Capital has provided over £300,000,000 to 12,000+ businesses in the UK. Their mission to provide small businesses with the fast, unsecured funding they need, is aided by the introduction of DirectID’s open banking technology. Got Capital can now provide a digital application process - getting funding to the businesses that need it in a fraction of the time.

Nicola Dunn, Business Development Manager, DirectID said:

Small businesses are the backbone of any economy, they are continuously struggling to get access to affordable financing. Traditional lenders find it difficult to ensure fast and safe underwriting processes for SMEs. Existing and traditional credit reports lack sufficient credit history information such as bank account information or bank statement data. On the other hand, SMEs often cannot provide any collateral to mitigate this information gap and ensure financing.

This information gap can be filled by open banking data which is highly in demand in the market. DirectID are delighted to be the chosen open banking partner of Got Capital and we are very much and looking forward to working with Got Capital on a variety of use cases in the future.

Mr. Alex Afek, Managing Director, Got Capital Officer said:

We are very excited to get on board the DirectID platform. Got Capital is funding businesses across the UK and we require a very good e-banking coverage. It simplifies the process for our applicants and customers and reduces the time to funding decisioning. Got Capital's Royalties based investment is a timely instrument and is used by many different types of businesses when they need cash at hand yesterday.