U.K. challenger Starling Bank is moving forward with plans to introduce business lending services, reports in Specialist Banking said this week, with the bank revealing new details about its strategy.
Starling’s Head of SME Banking Stuart Doignie spoke with the publication during the RFi Group Global Business Banking Summit, noting that the bank plans to introduce unsecured business loans sometime this year. Loans may be between £5,000 ($6,540 USD) and £250,000, or larger, depending on demand and interest.
However, the company, which operates on a mobile-first platform to target smaller businesses, will not aim for an entirely automated lending service.
“We don’t think we’re going to automate every lending decision,” said Doignie. “I think you’d be crazy to think that. But we want to obviously get to a point where we can deliver [as much] of that…
