New10, an ABN Amro-owned online lending startup that focuses on SMEs, has opened for business.

The new startup will offer loans ranging between €20,000 and €1m, with applicants allowed to select loan term and amount as well as its purpose. Applicants will also have to upload transaction details and financial statements.

The startup will automatically assess the financial soundness of a business based on the data offered by the applicants and let them know within 15 minutes if they are eligible for a loan and loan terms.

New10 co-founder and commercial director Mark Schroder said: “In the last step, the applicant provides digital identification and the contracts are digitally signed. Within two days, the money is deposited into the business owner’s account.”

ABN AMRO CEO of commercial banking Daphne de Kluis said: “New10 embodies our enterprising approach to digitalisation and innovation. We combine the bank’s knowledge and experience with the digital skills and ideas available outside the bank. New10’s fully digital approach responds to the needs of a growing group of businesses that want to do everything online.”

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