22 July 2022

HSBC Kinetic lends over £2M since becoming first digital bank to offer small business loans

HSBC Kinetic, the award-winning banking app for small businesses, has lent over £2 million in the first three months of going live as the first digital bank to launch small business loans. This milestone comes as Kinetic turns two years old this week.

Entrepreneurs and business leaders are using the loans to purchase stock (33%), consolidate debt (28.5%), for working capital (15%) and to purchase furniture and fittings for their premises (13%).

The number of small businesses in the UK has increased by 60% over the last 20 years according to the Department of Business, Energy & Industrial Strategy (BEIS, 2022). In the face of a cost of living crisis, and as we continue to recover from the pandemic, many entrepreneurs are looking to start new businesses or ‘side-hustles’. 46% of Brits are now making a second income from a side-hustle, with their contribution to the economy estimated to be worth around £346 billion according to Airtasker.

Peter McIntyre, Head of Kinetic and Business Banking, HSBC UK, said: “HSBC Kinetic is already helping thousands of small businesses across the UK transform the way they do business. We’re delighted to be amongst the first digital only banks to offer small business loans, and we are already seeing businesses borrow and use the funds to grow.

“With more and more entrepreneurs starting businesses or developing side-hustles, we’ve also teamed up with some great partners to take the stress out of starting and running a business. We’re proud to be putting more of the bank in customers’ pockets, by enabling them to manage their finances on their phones whenever and wherever they want.”

HSBC Kinetic helps forward-thinking businesses work smarter at a time when they have never needed to be more agile. With fast application times, 60% of loans are processed within just a few moments, providing start-up funding or fast funding of up to £10,000 to grow these business ventures.

Designed to make business banking simpler, faster and more intuitive, HSBC Kinetic is more than just another business banking app. It also offers customers access to a range of digital, face-to-face and no contact payments technology, through its long-standing partnership with Global Payments, a leading worldwide provider of payment technology and software solutions. Through this partnership, Kinetic customers can currently get a great deal on a Mobile Pay device, with a low one-off fee, preferential fees and next-day settlement.

According to recent research from ONS, the main concern reported by businesses continues to be input price inflation. To help support these concerns HSBC Kinetic has welcomed a new partner to the app, TalkTalk Business, who are offering up to 30% off internet connectivity.

HSBC Kinetic has been developed using insights from over 3,000 small business owners and is a truly mobile-first banking service versus a bank account with mobile features.

Small Business Loans join a suite of in-app products including Overdraft, Credit Card and Savings Accounts, while extended features offer personalised insights so that small businesses can get a closer understanding of their cash flow with a view of up to three calendar months ahead. HSBC Kinetic also includes automatically categorised spending overviews, account insights and in-app customer service.

Media enquiries to:

Hannah Langston, HSBC UK Press Office: hannah.langston@hsbc.com

For the latest news and updates, visit the HSBC UK newsroom:

Note to editors:
For more information about HSBC Kinetic, please visit: https://www.business.hsbc.uk/en-gb/everyday-banking/business-accounts/small-business/kinetic

Eligibility criteria
  • A Limited company, with a one Director and sole shareholder, registered with Companies House or Sole Trader and the sole owner of the business for which you are applying


  • You are a tax resident in the UK but not the Channel Islands or the Isle of Man
  • You have an iPhone (6 or newer) or Android handset

HSBC Kinetic Small Business Loan 7.1% Representative APR (fixed) - HSBC Kinetic Small Business Loan is available from £1,000 - £10,000 with repayment terms of 1 - 10 years. Representative APR (Annual Percentage Rate) is the advertised rate at or below we reasonably expect at least 51% of customers who are accepted for and enter into the loan as a result of marketing. Loans are available from £1000 up to £10,000.

Global Payments - £29 one off fee, 1.65% per transaction, no contract and next day settlement with MobliePay.


HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$3,022bn at 31 March 2022, HSBC is one of the world’s largest banking and financial services organisations.