From Weeks to Minutes: Launch of the Teylor Loan - Bringing SME Lending into the 21st Century
Teylor AG has launched the Teylor Loan and the Teylor Lending Platform in Germany. From today onwards, German SMEs can get access to loans up to 250,000 Euro in an easy and comfortable way. The loan application takes only 10 minutes and loans will be issued within just 2 working days.
Teylor AG, a Swiss Fintech, has launched the Teylor Loan and the Teylor Lending Platform. Together with its partner bank, solarisBank AG, Teylor has developed one of the fastest and most convenient SME loans available in Germany. Using a proprietary automated application and underwriting process, applicants can calculate their credit conditions in under 10 minutes and receive a business loan of up to €250,000 in their account within 2 days.
Patrick Stäuble, founder and CEO of Teylor AG, saw an urgent need in the German SME lending market for innovation and more modern products. Although small businesses make up 99% of German companies, they are consistently neglected by banks. The reason for this is that most banks are using outdated, manual and paper-based processes. As a result, it is very time consuming and expensive for banks to lend to small businesses, making it more profitable for banks to focus on other segments and leading to higher costs and waiting times for loan applicants. Teylor set out to solve this problem by bringing modern technology, data, process design, and user experience into a sector that has so far seen little innovation.
Through the unique proprietary process, small businesses can calculate the loan conditions automatically by filling in a simple form. Teylor then analyses a large variety of different data points from various external sources to review the applicant and generate an offer within seconds. Once accepted, the user only needs to upload his most recent annual report and sign the contract digitally using video-identification. Users can complete all steps online and the loan will be transferred to the user’s bank account within two working days. Thus, the length oft the entire lending process is reduced from several weeks to just two working days.
Patrick Stäuble says about the near-term future, “Together with solarisBank, Teylor enables smaller SMEs, which have so far been neglected by banks due to their size, to get access to financing without headache. We are excited about the Teylor launch and enjoy serving our first clients. We will add more products over the coming months and start offering our White Label solutions to first partner banks.“
Teylor is partnering with a variety of different management consultants, brokers, and financial advisors to allow them to provide the loan to their customers. Teylor’s long-term goal is to license the processes and technologies it has built for the Teylor-Loan to different financial institutions. In the coming months, Teylor will make a white-label Software-as-a-Service version of its lending platform and technology available to selected partner banks who wish to automate their own SME lending processes. By partnering with Teylor, banks can automate their small ticket SME lending processes and drastically reduce their underwriting and administration costs.
Businesses can apply for a Teylor loan at www.teylor.io.
About Teylor AG:
Teylor has developed the Teylor lending-platform and the Teylor Loan, one of the fastest and most comfortable business loans in Germany. Teylor’s solution helps German small and medium-sized businesses, which are neglected by traditional banks, to get access to financing. The Zurich-based company was founded in 2018 by Patrick Stäuble and is licensed in Switzerland and in Germany. Besides offering the Teylor-Loan to borrowers directly, Teylor also offers banks and other lenders a licensed version of the technology and the loan application process as Software-as-a-Service solution
Contact Teylor AG:
Impact Hub, Sihlquai 131, 8005 Zurich, Switzerland
solarisBank, the tech company with a banking license, enables companies to offer their own financial products with its banking-as-a-service offering. Through APIs, partners gain access to solarisBank’s platform services including payments and e-money, lending, digital banking as well as services provided by integrated third party providers. Through this, solarisBank creates a highly developed technological banking ecosystem for fintechs, established digital companies, as well as banks and corporates.
The Berlin-based company was founded back in 2016 and is led by CEO Dr. Roland Folz, board members Jörg Diewald and Andreas Bittner, as well as CPO Dr. Jörg Howein. To date, solarisBank has raised more than EUR 95 million from renowned investors, including BBVA, Visa, Lakestar, ABN AMRO’s Digital Impact Fund, Arvato Financial Solutions, SBI Group, Finleap and yabeo.
Contact solarisBank AG:
Philipp Blankenagel, Anna-Louisa-Karsch-Str. 2, 10178 Berlin