ezbob, an established technology provider that powers the digital SME lending arm of several UK banks has today announced that it has submitted its proposal for part of the BCR’s (Banking Competition Remedies) £100m Pool E.
Tomer Guriel, Founder and CEO at ezbob, said: "We are delighted to submit a bid for the BCR Pool E funds which will allow us to provide our technology not only to banks but also to smaller financial institutions – who can benefit from our risk engine and expertise in lending – thereby providing SMEs more funding opportunities. I’m happy that the BCR has allocated 20% of the total BCR funds to Pool E recognizing the importance of technology as part of the much-needed digital transformation now even more necessary post COVID-19."
Since 2017, ezbob’s technology has been deployed at several UK high street banks and has processed in excess of £5 billion in SME loan applications, with over £1 billion of funds deployed to over 30,000 SMEs.
"Our company’s DNA matches the BCR initiative which is to enable the digital transformation in banking in order to make sure SMEs can access capital in a fast and efficient manner. During COVID-19, ezbob played a pivotal role supporting tens of thousands of businesses in their need to access critical capital. We want to ensure that more financial institutions have ezbob’s technology so that more SMEs can apply for business funding (online)."
Guriel added. ezbob’s technological solution enables financial institutions to become digital champions in weeks. Using our system, financial institutions can lend to any SME applicant via a 100% digital (online) process without the need for any paperwork. ezbob’s pioneering SME lending technology ecosystem includes API connectivity to over 40 data services including KYC, AML, Fraud, Open Banking, Credit Bureaus.
This reduces the time it takes a business owner to complete a loan application to minutes. It also speeds up processing times including instant affordability and decisioning with the funds being deployed immediately upon signing a digital loan agreement. ezbob’s solution requires no need for integration into existing infrastructure thereby cutting down costs and deployment time. The system can be operational in a matter of weeks.
Guriel added, "ezbob is already helping major UK high street banks to ensure faster, more streamlined access to business lending, and with the BCR funds, ezbob’s technology can power more lenders to further help small business owners during this challenging time."
ezbob’s pioneering SME lending technology has won several awards including: The Banker Tech Awards (2019), Banking Technology Awards (2018) Financial Innovation Awards (2017).
