We have added a regulated Open Banking connection to our application process, working with an authorised provider so your company can share its bank statements securely and in seconds rather than gathering PDFs. The aim is simple: a quicker, cleaner application for you, and a more accurate read of affordability for us. This article explains what the integration does, what it deliberately cannot do, and why uploading PDF statements is still a perfectly good option if you prefer it.
What Open Banking actually is
Open Banking is a UK framework that lets you, the account holder, give a regulated third party permission to read your bank account information. Our provider is registered as an Account Information Service Provider, or AISP. That role is read-only: it can see transactions and balances so we can assess your company’s affordability, and it cannot move money, set up payments, or change anything on the account. You authorise the connection through your own bank’s secure login, and you can withdraw that permission whenever you like.
This matters because affordability is the heart of a responsible decision. We lend to UK limited companies and LLPs for business purposes, and we assess the company’s ability to repay, not the director’s personal finances. Seeing six months of genuine business banking activity is the fairest way to do that. To see exactly what we can and cannot view, read our guide on how we verify bank statements with Open Banking.
Why it makes applications faster
Before this integration, providing bank statements meant downloading PDFs, finding the right six months, and uploading them for a person to read. That works, but it takes time on both sides. With Open Banking, the data arrives in a structured form the moment you grant permission, so much of the assessment can begin straight away. For a clean company profile, that can be the difference between a decision in minutes and a decision that waits for a manual review.
Speed here is a by-product of better data, not a shortcut around the checks. We still run a business credit check on the company and an identity and anti-money-laundering check on the director. We will still sometimes offer less than requested, or decline, if the figures do not support the borrowing. A faster process never means a lighter one.
Security and control
You stay in charge throughout. The connection is made through your bank, not by handing us your login details, and we never see or store your banking password. Because the access is read-only, there is no route through it to debit your account or alter a payment. You can revoke the permission at any time, either with us or directly through your bank. We treat the information we receive under the same privacy and security standards as everything else you share with us, which you can read about across our technology and in our privacy notice.
PDF statements still work
Open Banking is the quickest route, but it is not the only one. If you would rather not connect your account, you can upload six months of official business bank statements as PDFs instead. This is just as acceptable; it simply takes a little longer because a person reviews them. Some directors prefer this, and that is fine. The choice is yours, and it does not change how fairly we assess the application.
What this does not change
The integration speeds up one step of the journey. It does not change the product or its cost. Our live product is a short-term Business Bridging Loan of £50 to £500 over 14 to 84 days, repaid weekly or fortnightly, and you will always see the amount, term, total cost of credit and full repayment schedule on your Key Information Sheet (KIS) before you sign the Business Loan Agreement. You can preview current amounts, terms and costs on our business loans page first.
It also does not change the regulatory position. Because we lend to a company for business purposes, this borrowing sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001, and it is not covered by the Financial Ombudsman Service or the FSCS. The technology makes applying smoother; it does not alter your protections or the escalation route, which after our own complaints process is the courts.
The honest summary
This integration is about removing friction from one part of the process while keeping the checks that protect you. A short-term loan is an expensive way to borrow, so the most useful thing a faster application gives you is more time to look at the figures before you commit, not less. If Open Banking suits you, it can shave real time off your application. If it does not, PDFs are waiting. Either way, see what the borrowing actually costs before you decide.
