Got Capital adopts open banking To digitise SME funding process

DirectID, a global credit risk platform, and Got Capital, a UK based small business capital provider, have today announced a new partnership to digitise the application process for business financing.
Published on
October 6, 2022
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DirectID, a global credit risk platform, and Got Capital, a UK based small business capital provider, have today announced a new partnership to digitise the application process for business financing.

Small businesses who are applying for financing can now benefit from the introduction of open banking in the application process. SMEs can consent to share up to 12 months of transaction data with Got Capital via the DirectID Connect experience. Following consent, agents at Got Capital can immediately view the categorised data in the DirectID Dashboard. Got Capital's underwriting and risk analysts can then assess and determine the business's true revenues without the need for PDF or paper bank statements, thus providing a more speedy and accurate service.

Got Capital has provided over £300,000,000 to 12,000+ businesses in the UK. Their mission to provide small businesses with the fast, unsecured funding they need, is aided by the introduction of DirectID’s open banking technology. Got Capital can now provide a digital application process - getting funding to the businesses that need it in a fraction of the time.

Nicola Dunn, Business Development Manager, DirectID said:

Small businesses are the backbone of any economy, they are continuously struggling to get access to affordable financing. Traditional lenders find it difficult to ensure fast and safe underwriting processes for SMEs. Existing and traditional credit reports lack sufficient credit history information such as bank account information or bank statement data. On the other hand, SMEs often cannot provide any collateral to mitigate this information gap and ensure financing.

This information gap can be filled by open banking data which is highly in demand in the market. DirectID are delighted to be the chosen open banking partner of Got Capital and we are very much and looking forward to working with Got Capital on a variety of use cases in the future.

Mr. Alex Afek, Managing Director, Got Capital Officer said: 

We are very excited to get on board the DirectID platform. Got Capital is funding businesses across the UK and we require a very good e-banking coverage. It simplifies the process for our applicants and customers and reduces the time to funding decisioning. Got Capital's Royalties based investment is a timely instrument and is used by many different types of businesses when they need cash at hand yesterday.

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What our customers say

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DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

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Multi-award winning payment platform. Designed for highly secure & efficient transactions. Trusted by over 100 law firms, lenders and professional services.

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DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

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A Tech Mahindra company and a leading business services provider in lending, investments and insurance, managing over £25bn+ assets.

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A lending as a service provider using open banking to strengthen their credit scoring engine

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Frequently asked questions

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01

What is open banking and how does it work?

Open banking is the practice that allows people and businesses to share up to 12 months of transaction data. DirectID is regulated by the Financial Conduct Authority as an Account Information Service Provider (AISP) - the intermediary who safely facilitate this process.

02

What is transaction categorisation?

Transaction categorisation is the process of adding context to raw transaction data. The process gives you an understanding of what your customers' spend their money  and where.

03

How does bank account verification work?

Using the bank account verification API, DirectID matches the details provided from your customer to those on their account. We apply a set of sophisticated algorithms and rules to verify the name, and then tell you what does and does not match.

04

How do you verify income with open banking?

After a customer shares their data, DirectID identify recurring credits to the account and group these. Using an algorithm we identify the monthly income for each income stream. We then return the calculated income and confidence score to you.

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