Fintech Firms Race to Plug Gaps in UK’s Coronavirus Relief Measures
Britain’s financial technology industry is racing to fill gaps in the government’s coronavirus business relief measures, by offering loans quickly to those struggling financially as a result of the pandemic.
Several of the country’s top fintech firms have been pushing for accreditation from the state-backed British Business Bank (BBB) to be able to provide loans under the Coronavirus Business Interruption Loan Scheme (CBILS).
Initially only 40 banks — including the major high street lenders Barclays, Lloyds, HSBC and RBS — were accepted onto the program. But in recent weeks newer digital lenders such as Starling, OakNorth and Funding Circle have been approved as well.