Membership News
Membership News Monument gains full banking licence
Record October for Think Business Loans
New Patron, Monument has announced that its licence has been extended by UK regulators allowing it to operate as a fully licensed, deposit-taking bank which is FSCS-insured.
Think Business Loans has announced it achieved record-breaking sales in October, through the deployment of more than £19 million in unsecured loans driven by the release of its new instant quoting iFunds platform, powered by Experian.
As such, the lender will soon launch a range of easy access and fixed-term saving products. Savers who deposit money for a second fixed-term will get a better rate than a new customer, an approach that will also be utilised with loans – existing borrowers who renew their deal or take an additional loan will benefit from a better rate. Monument’s target audience is busy professionals including doctors, lawyers, accountants, entrepreneurs, and of course, property investors. It already offers buy-to-let mortgages and bridging loans aimed at experienced landlords looking to grow their portfolios. Commenting on the licence, Mintoo Bhandari, chief executive officer said: “We are looking forward to every opportunity to differentiate ourselves in the eyes of our clients. With our leading-edge technology and high calibre team, we will deliver services that delight our clients, but we are also certain that we will need to be responsive and evolve with the growing demands and opportunities we will face.” 12 | NACFB
The platform connects to over 5,000 data points, allowing the NACFB Member’s team to provide instant quotes to clients with a 95% accuracy rate using just a company’s registration number. The platform focuses on accuracy of lender scorecards and data legitimacy to drive a reduction in declines and defaults by building a robust picture of clients’ financial health to pass onto their lender partners. Jamie Stewart, managing director and founder said working with Experian was a huge milestone for the business enabling them to create a one-of-a-kind platform which provides customers with quotes consisting of accurate rates, amounts, and terms. Commenting on the platform, he said that it was “…the vehicle to drive our ambitious growth plans and sets us far apart from our competition, we see these results as the tip of the iceberg in terms of the platform’s potential.” Part of the Bionic Group, the NACFB Member has helped some 5,000 clients access £700 million in funding since inception.
