When you apply for a GrowthLine, we may ask you to connect your business bank account to our systems. Providing access to this information helps us assess your application and allows us to better monitor and mitigate risk over the life of your facility, which means we can keep our rates as low as possible. Once your GrowthLine is active, we’ll maintain this connection to your bank account as long as you remain a customer, and you will need to let us know if you plan to make any changes to your bank account provider.
Is Open Banking safe?
To connect with your bank account(s) we use a tool provided by TrueLayer Limited (www.truelayer.com) (“TrueLayer”). TrueLayer is authorised by the UK Financial Conduct Authority under the Payment Services Regulations 2017 to provide account information services and payment initiation services (Firm Reference Number: 793171). They are listed as a regulated provider on the official Open Banking Directory. TrueLayer adhere to their own security practices information about which is provided here. Growth Street has selected TrueLayer as a partner because we are satisfied that they meet our own rigorous security standards.
We can only connect to your bank account via TrueLayer if you expressly give us permission to do so. When you provide this permission, strict authentication and verification takes place before we are able to view any account information. This information is only available to Growth Street in read-only format. For the benefit of doubt, under no circumstances are we able to make any transactions or changes on your connected account .
You can view additional FAQs on Open Banking (and the security of Open Banking) on the official Open Banking website.
Why do you need me to connect my business bank account?
By allowing us direct access to your account transactions, we can be even more confident of your business’s ability to meet the conditions of your facility and use your GrowthLine effectively. It’s not just you: we ask all new customers to do the same. We want to cut down on everyday admin for our customers, and connecting your banking information makes it easy for us to keep abreast of your business performance without giving you unnecessary headaches.
What information do you collect from my bank account?
For each account you connect, we will download information about the account holder, relevant account details, and full balance & transaction history. We’ll take a note of your balance and transaction history every day for as long as the account remains connected.
Which account(s) should I connect?
You should connect all accounts used in the day-to-day running of your business (GBP accounts only for now). This means bank accounts you use to receive payments from customers and make payments to suppliers, as well as paying salaries and other expenses like rent and bills. If you have business savings accounts you regularly transfer in and out of, you should connect these as well.
Can I connect more than one account?
Yes you can connect any number of accounts, and you should connect all of the accounts you use in day-to-day operations.
What happens if I change banks?
Once you are a customer with an active GrowthLine, you should notify us immediately if you plan on changing banks. You will need to connect your new bank account with Growth Street as soon as you start using it.
Can you connect to business credit card accounts?
Yes, depending on the provider. If you have a credit card with the same bank you use for a business current account, we will receive access to both at the same time (you do not need to connect them separately).
Will you continue to connect to my bank account during the life of borrowing?
Yes: once you connect your account, you will need to keep it connected for the remainder of your GrowthLine agreement.
What if I use a bank you do not support?
Depending on the circumstances, we may still be able to support you. Please get in touch with our team by opening a chat below, or you can reach us during working hours on 0808 123 1231.
How does Growth Street connect to my bank account?
We use a tool provided by TrueLayer Limited (www.truelayer.com) (“TrueLayer”) that allows you to send information on your payment accounts to us and other service providers.
In order to use our services, you will be asked to enter your payment account details with TrueLayer and agree to their Terms of Service. The Terms of Service set out the terms on which you agree to TrueLayer accessing information on your payment accounts for the purposes of transmitting that information to us.
TrueLayer is authorised by the UK Financial Conduct Authority under the Payment Services Regulations 2017 to provide account information services and payment initiation services (Firm Reference Number: 793171).
Can I disconnect my bank account?
Yes, you can disconnect your bank account at any time from the dashboard for your Growth Street account. Remember, however, that once you have provided access to your account, you are required to maintain this connection, and to notify us if you are considering changing your bank account provider.