Nucleus Commercial Finance wins the “Business Lending Innovation Award” in the FinTech Breakthrough Awards 2022 program

FinTech Breakthroughan independent market intelligence organization that recognizes the best companies, technologies and products in the global fintech market, today announced that it has selected Commercial financing Nucleusthe fintech revolutionizing the way UK SMEs access finance, as winner of the Business Lending Innovation Award in the sixth annual FinTech Breakthrough Awards programme.

Nucleus Commercial Finance’s (NCF) automated underwriting and end-to-end digitized user journey deliver a seamless customer experience. NCF is harnessing the true power of artificial intelligence (AI) and machine learning to meet the surge in demand for its products, delivering vital funding decisions and same-day payments through its model robust automated underwriting.

After a turbulent 18 months for UK SMEs, NCF has responded by becoming a CBILS and RLS accredited lender for the government-backed scheme. The company then processed over 12,000 CBILS requests through its leading AiDeal system.

NCF also launched its Innovative Business Growth Loans (BGL) – the first product of its kind designed to help businesses with additional financing. BGL is powered by NCF’s award-winning technology, ensuring SMEs can make decisions and receive funding within hours.

With NCF, SMEs can unlock the financing they need quickly, with 90% of application decisions made in less than an hour. The unique combination of its digital-first approach and its experts means that NCF plans to increase this number, getting closer and closer to 100%, while further reducing decision times.

“Planning ahead is key when it comes to small business financing and whether it’s day-to-day cash flow or navigating the sudden onset of a crisis like Covid, small and medium sized businesses need fast, flexible funding options that scale as their business grows,” said James Johnson, Managing Director, FinTech Breakthrough. “NCF is responding to this need, transforming SME lending through ‘breakthrough’ AI-based innovation, which is at the heart of their offering. NCF makes it easy to make quick lending decisions and provide much-needed financial support, and we’re thrilled to name them winners of our 2022 ‘Business Lending Innovation Award’.”

The FinTech Breakthrough Awards are the premier awards program created to recognize FinTech innovators, leaders and visionaries around the world in a range of categories including Digital Banking, Personal Finance, Lending, Payments, Investments , RegTech, InsurTech and many more. The 2022 FinTech Breakthrough Award program attracted over 3,950 nominations from around the world.

“It has been a whirlwind two years and we are grateful for this recognition from FinTech Breakthrough. When the market immediately changed after Covid, we were able to pivot instantly. After being an early adopter of machine learning, we knew we had the data infrastructure, know-how and models to ensure SMEs had access to the financing they needed, at the speed at needed,” said Chirag Shah, CEO of Core Commercial Finance. “Following the closure of CBILS, we recognized that SMEs would face a significant funding gap at a time when they needed critical financial support, so we stepped up again. We will continue to invest significantly in new technologies to use the power of advanced machine learning and leverage new technologies to deliver a truly unforgettable experience for our clients and brokers. »

To date, Nucleus has lent over £2.4 billion to thousands of UK businesses.

About FinTech Breakthrough

Part of Technological breakthrough, a leading recognition and market intelligence platform for technology innovation and leadership worldwide, the FinTech Breakthrough Awards program is dedicated to recognizing business and product excellence in technologies and financial services. The FinTech Breakthrough Awards publicly recognize the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and Moreover. For more information, visit FinTechBreakthrough.com.

About Nucleus Commercial Finance

Nucleus Commercial Finance is a true banking alternative, offering a range of business finance products. Nucleus combines award-winning technology with the flexibility of an alternative lender along with the stability and range of bank finance products, offering market-leading secured and unsecured loans, business cash advances and a range of lending products on assets. Nucleus has supported businesses with over £1.9 billion in loans since its inception.

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