Varengold Bank and Kapilendo Creates First Instant Loans Digitally Accessed

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The Berlin-based fintech company, Kapilendo, has worked alongside Varengold Bank, based in Hamburg, to provide a brand new service. These two firms successfully developed the first fully digital application process for instant loans, focusing on small to medium-sized enterprises, going by Schnellkredite in German.

The services will be officially offered by KfW, a state-owned German development bank based within Frankfurt. This all came by the announcement that Varengold had made today, with German-based companies that hold more than ten employees being eligible for application.

First-Ever Fully Digital Instant Loan

These loans will be 100% guaranteed through the Federal Government of Germany. Alongside this, the eligibility verification process, as well as the associated compliance checks, will be conducted digitally, leveraging the API services of SCHUFA, Germany’s largest credit bureau. Through the process of connecting this aid program to a digital platform, both Varengold Bank and Kapilendo will create an unbureaucratic process the country urgently needs, according to Varengold. This process will be handled from the application to payout through this partnership.

Providing For Less-Established SMEs

The co-founder and CEO of Kapilendo AG, Christopher Grätz, gave a comment about the matter at large. He stated that the initial batch of applications has already been processed, and stands as the first-ever to be approved by KfW. Grätz said that they managed to provide the German “Mittelstand” with digital, straightforward access to the instant loan program that KFW provides.

Grätz himself cites the excellent support from KfW itself, as well as its partnership with Varengold Bank, as the key reasons that enabled this to come to fruition. Grätz went further, explaining that this new service will be excellent for companies that struggle the access this program prior, due to the lack of a long-standing credit relationship that was previously mandated by their principal banks.

Responding To COVID-19

KfW has been offering respective German companies that hold more than ten employees instant loans of up to EUR 800,000 and has been doing so ever since the 15th of April, 2020. They were enabled to do this thanks to the decisions made by the “Corona Cabinet” that occurred on the 6th of April, 2020. These loans are, in turn, 100% guaranteed by none other than the German Federal Government, as well.  Through this, the German Government has launched a rather effective plan to provide broad-based liquidity support for SMEs across the country.

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