Nucleus pledges near-instant decisions on applications up to £250k

Businesses and brokers now benefit from almost instant decisions on applications up to £250,000, ensuring SMEs can secure the funding they need quickly and easily.

Central to the new offering is its proprietary auto-underwriting capability which is being activated on all applications both from direct customers as well as through its introducer portal - myNucleus. The system utilises advancements in machine learning to make decisions in under a minute, significantly reducing the time spent reviewing finance applications.

Nucleus Commercial Finance has also fully integrated with Open Banking technology, further improving the speed and accuracy of decision making for businesses. New features include automated ID verification and automated AML/KYC.

To date, Nucleus has processed over 5,000 applications via auto-underwriting with instant decisions being provided on over two thirds (68%) of deals.

Chirag Shah, CEO of Nucleus Commercial Finance, said: “In this challenging environment, businesses need access to flexible finance, and they need it fast. Over the past 18 months, we’ve invested heavily in technology to deliver the best outcomes for our customers, resulting in a much smoother process for introducers and businesses alike. Our investment doesn’t stop here as we always look to the future, in order to be the best partner to Britain’s businesses.

“We’ve already approved more than £100m for SMEs since the coronavirus outbreak, and with automated underwriting in place, we can continue our mission of helping Britain’s businesses to thrive.”