A Partnership with Fraud Finder Ensures Swift and Secure Business Loan Approvals

A Partnership with Fraud Finder Ensures Swift and Secure Business Loan Approvals

In the intricate world of small business financing, Cubefunder is proud to be able to offer secure business loan products that these businesses need to meet the unexpected costs they face as these hard-working entrepreneurs try and navigate the growth of their companies. Their mission, to turn aspirations into reality, is underpinned by a commitment to fair and efficient assessment of funding applications. However, the challenge of verifying the authenticity of business bank statements becomes very important, prompting lenders to seek a solution that transcended traditional methods.

Enter Fraud Finder, an intelligent document analysis tool by Homeppl, now seamlessly integrated into Cubefunder’s processing system. This partnership isn’t just about efficiency; it’s a testament to Cubefunder’s dedication to helping small businesses while fortifying their defences against document forgery.

One of the Cubefunder’s requirements consists in submitting three months of business bank statements from applicants. Despite the strides made by Open Banking in personal income verification, assessing business financial documents proved to be a challenge. The manual due diligence process, while thorough, needed augmentation to detect digital tampering and provide irrefutable evidence of any document fraud.

To meet the demands of a growing lending book, Cubefunder embraced the Fraud Finder API. With just three simple API calls, Cubefunder not only receives instant fraud results but also benefits from the tool’s capability to extract and digitize transaction data, feeding seamlessly into their own affordability algorithms. The automation and instant processing flow provided by Fraud Finder revolutionised Cubefunder’s loan review process.

Flagging Document Fraud at Its Core

Since integrating Fraud Finder, Cubefunder has unearthed a 21% high-risk document rate among submissions. A compelling example underscores the tool’s efficacy in action – a £30,000 loan application flagged as high risk due to manipulations in the version history of the submitted statements. Fraud Finder’s distinctive feature of highlighting edits in blue and orange colours exposed a credit reference alteration, falsely portraying it as business revenue.

Fraud Finder’s range extends beyond conventional fraud detection. In a case involving a Southeast-based business, their font analysis technology proved invaluable. The machine learning algorithm not only identified the document as a Starling statement but also flagged a suspicious font in red, exposing minute changes that betrayed the statement’s authenticity. The applicant’s attempt to inflate end-of-day account balances was debunked, thanks to Fraud Finder’s vigilant font scrutiny.

A Shield Against Growing Risks

This singular example illuminates how Fraud Finder is more than just a tool; it’s Cubefunder’s shield against the rising tide of document fraud. Cubefunder’s dedication to supporting SMBs finds a worthy partner in Fraud Finder, as together, they redefine the landscape of responsible lending while offering swift and secure business loan approvals.

Tamsin Elden, Business Development Director

‘’Fraud Finder has proven to be an invaluable asset for Cubefunder, aiding us in identifying edited statements crucial for our bank statement assessments. This powerful tool not only detects alterations but also provides detailed insights into the nature of edits, including when they occurred. The comprehensive information delivered by Fraud Finder significantly enhances our ability to scrutinize and evaluate the authenticity of bank statements, contributing to a more robust and accurate assessment process.’’

You can see Fraud Finder in action here.

Cubefunder: Short-term, Small Business Loans for businesses registered in England and Wales

Among the various options available, Cubefunder stands out as a reliable and accessible source of short-term, small business loans for enterprises registered in England and Wales. Cubefunder offers different types of business loans ranging from £5,000 to £100,000, with flexible repayment terms of 3 to 12 months.

Advantages of choosing Cubefunder include:

  • Speedy ApprovalCubefunder understands the urgency of small businesses’ financial needs and strives to provide fast approval, ensuring quick and secure business loan approvals.
  • Simplified Application ProcessCubefunder has streamlined its application process to make it easy for businesses to apply for loans, saving valuable time and effort.
  • Flexible Repayment Terms: The repayment terms offered by Cubefunder are tailored to suit the specific needs of small businesses, enabling them to repay the loan comfortably within their cash flow cycles.
  • Dedicated SupportCubefunder provides personalized support to its clients throughout the loan process, ensuring that businesses receive the assistance they need to make informed financial decisions.

Apply For a Business Loan Today

A business loan for any business purpose.

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