UK digital banks consider overseas expansion
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UK digital banks serving small businesses are considering overseas expansion as their lending business grows, with some institutions planning to apply for banking licenses and open branches abroad. The report noted that UK business lending has fallen to its lowest level in nearly 30 years, while small-business lending as a share of GDP has declined from 12% in 2011 to 6.5% this year. Among them, Iwoca said it receives approximately 40,000 to 50,000 loan applications per month and can complete assessment and approval within 2 minutes and 37 seconds, with more than 80% of credit decisions made fully automatically. The report did not disclose specific overseas markets, the names of institutions applying for licenses, or a timeline for the expansion.
AI-written from reports · updated 3 days ago
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- PYMNTSUK digital banks consider overseas expansion as small-business lending grows
UK digital banks serving small businesses are considering overseas expansion as their lending business grows, with some planning to apply for banking licenses and open overseas branches. UK business lending has fallen to its lowest level in nearly three decades, while small-business lending as a share of GDP has declined from 12% in 2011 to 6.5% this year. Iwoca says it receives around 40,000–50,000 applications per month and can assess and approve loans in 2 minutes and 37 seconds, with more than 80% of credit decisions made fully automatically.
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