UK digital challenger, Starling Bank, has announced plans to move forward with a small business lending offering; last year they began offering business banking after focusing just on consumers for their first few years in business; loans will likely be offered between £5,000 and £250,000 or possibly larger depending on demand; they will be hiring new staff to help in this initiative and will not aim for a completely automated underwriting system; Starling’s Head of SME Banking, Stuart Doignie, said, “We don’t think we’re going to automate every lending decision. 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 decision and experience as we can in an automated way.” Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.