Boot Banks: Startup offers instant loans

Tink introduces modern data aggregation and communication technology into the pan-European banking system. Thanks to it, Unite receives the current financial statements of its clients within seconds and processes loan applications instantly. From this data, United uses AI-based algorithms to get a comprehensive, accurate, and up-to-date overview of applicants’ spending habits and income streams. Direct visibility of the data enables fast and accurate credit checking, which in turn leads to quick decisions.

Typically, the processing time for loan applications varies greatly. The test can last from a few days to several weeks. This waiting time can lead to problems for applicants, who often need certainty quickly. United’s collaboration with Tink accelerates the assessment process, thanks to years of internationally proven experience and in-depth knowledge of risk assessment.

Not only does data-driven lending simplify the credit check process, it is also more accurate, fair, and avoids discrimination. Analysis of bank account statements enables a comprehensive overview of the transactions and financial background of applicants, who in turn benefit from personal loan offers. In addition, Tink’s open banking connectivity ensures a seamless customer experience, as fewer documents need to be exchanged “manually”. The lending process in general is much faster.

“A complete and up-to-date analysis of an individual’s financial situation is critical to an accurate risk assessment when making a credit decision. The Europe-wide open banking approach and open banking connectivity of our technology allows Younited to have instant access to up-to-date transaction data in order to quickly offer balanced and tailored financial services to its customers.explains Camille de Marie, Director of Banking and Lending at Tink in France.

François de Bodinat, CPO at Younited, adds: “Everyone looking for credit – whether for a loan or a retail purchase – deserves a fast and seamless customer experience. Thanks to open banking capabilities and our partnership with Tink, we can now deliver on that promise with instant lending decisions at scale: The first of its kind in Europe. We already serve more than 1 million customers. Together with Tink, we will expand our services across Europe and continue our mission to change the future of lending for the better.”

As part of the collaboration between UNITED and TINK, financial training will also be available to clients in the future. They can also access the same data that United uses to make a credit decision and, on that basis, get a personalized analysis of their financial situation as well as advice on how to manage their overall budget more effectively.