In collaboration with Hamburg-based Varengold Bank, Berlin fintech Kapilendo has announced it’s offering small and medium-sized enterprises the first fully digital application process for instant loans.
The loans will be 100% guaranteed by the German Federal Government, with the innovative API services by SCHUFA, the largest German credit bureau, to ensure that the eligibility verification process and associated compliance checks can be conducted digitally.
Christopher Grätz, Co-Founder and CEO of Kapilendo AG, commented: “We have processed an initial batch of applications, the first of which have already been approved by KfW. Together with Varengold Bank, and with excellent support from KfW, we have managed to provide the German ‘Mittelstand’ with a straightforward and digital access to the KfW instant loan programme.
“This is good news particularly for those companies which have difficulties accessing this programme because they lack a long-standing credit relationship with their principal bank.”
By connecting a digital platform to this aid program, Kapilendo and Varengold Bank have created a process from application to payout, as the country continues to recover its economy following COVID-19.
Frank Otten, Member of Varengold Bank’s Board of Managing Directors, added: “Providing companies with quick and easy access to capital is most definitely part of Varengold Bank’s mission.
“We are thus really pleased to work with Kapilendo in these challenging times by siding with small and medium-sized enterprises, who are facing huge challenges through no fault of their own, and offering them instant, unbureaucratic support.”