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Nucleus reaches £2bn lending milestone

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Nucleus Commercial Finance has reached £2bn in lending to small to medium enterprises (SMEs).

 

This milestone has been reached following a year of growth for the fintech, which saw it lend over £450m to UK businesses in 2020.

Nucleus attributed this growth to its role in the rollout of the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and its application of technology.

The launch of its automated underwriting solution and the implementation of Open Banking has resulted in the fintech reportedly making 90% of application decisions within one hour.

Nucleus has also brought new solutions to market, such as Business Growth Loans.

Chirag Shah, chief executive of Nucleus Commercial Finance, said: “We’re delighted to have broken the £2bn milestone just two years after reaching £1bn in lending.

“This is a testament to the Nucleus team’s hard work and ambition to innovate and create the unique solutions that SMEs need.

“SMEs have faced a challenging 18 months, but we have demonstrated the crucial role fintech lenders play in providing the vital support businesses need to survive and thrive.

“SMEs and brokers have experienced the benefits of our automated underwriting and open banking solutions, and we are extremely excited to take them on the next stage of our journey as we continue to build and evolve our technology to deliver what the industry needs for the future.”

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