HSBC challenger bank Kinetic has lent over £2m to SMEs in its first three months as an SME lender, as competition in the space heats up.
HSBC launched its challenger mobile banking app two years ago to take on the likes of NatWest’sMettle and challenger bank Tide in the SME banking space.
The £2m milestone reached by Kinetic follows Mettle putting out figures earlier this year showing a fivefold increase in users since the start of 2021.
Tide, meanwhile, says it’s hitting seven per cent of all UK SMEs, after adding 100,000 new members in 2021. Others in the space include Starling and Cashplus Bank.
Kinetic began offering small business loans in April this year and says that it topped the £2m loan mark across April, May and June this year.
https://www.altfi.com/article/9555_hsbc-challenger-kinetic-tops-2m-sme-loans-in-first-three-months-as-competition-in-space-heats-up