PRODUCT & SERVICES
Our Lending Platform Provides Easy Access to Credit for Small Businesses
$3,000 - $100,000 with terms up to 36 months.
We recognize that business owners and entrepreneurs often struggle to create liquidity. Without sufficient funding, the company operations or growth might come to a halt. gkCredit provides financing and infrastructure for unsecured, secured loans and invoice-financing through its partners in 3 countries. Small business loans can help companies grow their business or cover their running costs. Limited companies, limited liability partnerships, partnerships and sole traders can access $3,000 – $100,000 of working capital for up to 36 months.
Invoice financing is beginning with businesses raising their invoice for goods or services and sending copy of it to one of gkCredit’s. Our solution gives the business up to 85% of the invoice amount within as short as 24 hours and the remaining 15% of the invoice once the full payment is received.
Performance in Numbers
Risk based pricing with rates from 10%-34% p/a
Our business loans operations have started through myKredit in 2016 and picked up during 2017. Initially, we had been targeting a carefully selected group of micro industries and entrepreneurs which are looking to expand their businesses, manage working capital, and fill cash gaps. In 2018 we have expanded our operations to the Spanish market and reached to a customer base of 5,000 small businesses. Today, we have an active loan-book over € 30 million in a total of three markets, and we continue to expand to new industries. The typical annual cost of a loan is 10%-34% depending on an individual risk profile. Interest is only ever charged on the outstanding loan amount and for as long as the money is borrowed.
Technology and AI in Decision Making
4,000+ data points evaluated in a 95%+ automated process
gkCredit’s fully automated smart lending platform cuts through old-fashioned underwriting practices by linking directly to thousands of business data points, such as eBay accounts, tax reports and bank statements, to make fast and fair lending decisions based on how a business is performing. Currently, our platform can acquire over 4,000 data points associated with a small business and accurately evaluate the financial stability and healthily project the repayment capacity of the applicant business. Because the technology does 95% of the work, the application process takes around minutes to complete for new customers. Our credit decision system evaluates applications within half an hour from the moment an application is being submitted. If approved, the funds are then paid into the businesses bank account within minutes.