Share six months of business bank history securely and apply online for funding from £5,000.00 up to £500,000.00 with SimplyFunded.
Open banking business loans for UK SMEs:
Six months of bank history
Secure consented connection
Decisions within hours
Quick online application
SimplyFunded uses recent business bank activity to understand your revenue and cash flow. If your business generates at least £5,000.00 per month, you may be able to apply for business funding from £5,000.00 to £500,000.00, with no lengthy paperwork to chase.
Apply in 60 SecondsOpen banking loans are business loans assessed using securely shared bank account information. Instead of relying only on manually uploaded paperwork, you connect to your business bank account online and consent to share the transaction history needed for your application.
For a lender, six months of bank statements or transaction data show how money moves through a business. It helps demonstrate regular revenue, normal outgoings, cash flow patterns, and whether the proposed repayments look affordable. That is why business loans using bank statements have become a practical route for many small and medium-sized businesses.
Open banking lending takes that idea one step further. Rather than asking you to download, check and upload each statement, the connection brings the relevant information into the application directly, with your permission. The result is a simpler process for you and a more current picture for the lender.
It is worth being clear about one thing: Open Banking is the information-sharing method, not a separate type of secured or unsecured loan. If you are specifically looking for funding without property or asset collateral, read about our unsecured business loans.
The process is built to be straightforward. Here is what to expect from the moment you start your application to the moment funding reaches your account.
Tell us about your business, the amount you need, and how you plan to use the funding. The form is designed to be quick, and you can start in about 60 seconds.
Choose the secure Open Banking route and share the required account information with your consent. You review what is requested before you confirm anything.
Your recent bank activity shows us how money moves through the business, which helps us understand revenue, cash flow, and affordability.
We review the completed application and aim to provide a decision within hours. Complete, accurate information is the biggest factor in how quickly this happens.
If you are approved and accept the offer, the funds are transferred to your business bank account, often within 24 hours subject to final checks.
The core information needed to start an application is simple. You should be ready to provide six months of business bank statements or equivalent Open Banking transaction history, together with evidence that your business generates at least £5,000.00 in monthly revenue.
These are starting requirements rather than a promise of approval. Every application is reviewed individually, and the borrowing amount and repayments need to be appropriate for the business's circumstances.
Factors that commonly influence the outcome include how consistent your monthly revenue is, how your business bank account is managed day to day, the size of the request relative to your turnover, and any existing finance commitments. A steady trading pattern over six months generally makes the picture easier to assess.
Both routes can support loans based on bank statements, and both look at the same thing: your recent business trading activity. The difference is how that information reaches the lender.
With the Open Banking route, you give consent, and the transaction data is shared securely through the connection. There are no files to download, rename or attach, and the information comes straight from the account. For many applicants, this is the quickest way to complete an application.
If you prefer not to connect to your account, or the connection is not available for your bank, you can upload six months of business bank statements as PDF files instead. Our guide on how to get a bank statement explains how to download them from most business banking apps and online portals. Either way, the application needs enough information to complete the business and affordability review.
Business owners are busy, and time spent gathering paperwork is time not spent running the business. These are the main reasons applicants choose open banking lending.
A secure account connection can make it easier to share recent financial information than collecting, saving and emailing multiple documents.
Current transaction history can help your application move quickly through assessment when the information is complete.
Bank activity gives useful context around revenue and cash flow instead of judging the business on a single headline figure.
Review what information is requested and why before confirming the connection. Open Banking is consent-based on start to finish.
Open Banking is a consent-based way of sharing account information. You are in control of whether the connection is made, and the process normally asks you to review what will be shared before you approve it. Take a moment to read that screen carefully.
Good habits help here. Only connect through the official application journey, check that the information requested matches the purpose of a business loan assessment, and keep your online banking login details to yourself. If anything looks unexpected, stop and contact us before continuing.
SimplyFunded uses the connection to support your business funding application and affordability review. It exists so we can understand your trading activity, not make the process harder.
A little preparation makes the application smoother and gives the review the best chance of moving quickly.
If you are unsure how much to request, our business loan calculator can help you test different amounts before you apply.
Open banking loans tend to suit established UK businesses with a steady stream of card payments, invoices or regular customer transfers passing through their business account. If your monthly revenue is at least £5,000.00 and you can show six months of activity, this route lets your real trading figures do the talking.
They may be less straightforward for very new businesses, or those whose income is highly irregular or mostly paid into a different account. In those cases, the lender may need extra context, and a longer trading history may help. Being open about your situation in the application is always the best approach.
Open Banking can suit a business that wants a digital application and can provide a clear view of recent trading. It is not automatically the right option for every borrowing need. A business with valuable equipment may want to compare asset finance, while a temporary cash flow gap may be better matched to working capital finance.
If speed is your priority, see our page on fast business loans. If you want a fixed shorter commitment, short-term business loans may be worth comparing.
The benefit of open banking lending is speed and a simpler way to share recent financial information. The trade-off is that the lender needs a meaningful view of your business bank's activity, so businesses with limited or irregular trading history may need to provide more context.
Open banking loans are business loans where you securely share your business bank transaction history through an Open Banking connection. At SimplyFunded, this lets us review your trading activity, cash flow and affordability without relying on a lengthy manual statement process.
Share six months of business bank history and check whether your business may qualify for funding from £5,000.00 to £500,000.00.
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