Dutch bank ABN Amro’s online lending fintech New10 is open today.

New10 was created to provide small businesses loans ranging between EUR 20,000 and EUR 1 million, through a process that is entirely online. To apply for the loan, the candidate  has to fill an online process in which they have to select the type of loan, the purpose for the loan, amount and term of the loan, and then upload all transaction details and financial statements. With the information, New10 can determine the candidate’s eligibility for the loan in as little as 15 minutes, according to its website. Once approved, the applicant gets a digital ID (similar to a PIN number), and signs the contract digitally. Within two days, the money is deposited into the business owner’s account.

According to a statement on the bank’s website, Daphne de Kluis, CEO of Commercial Banking at ABN Amro said:

New10 embodies our enterprising approach to digitalization 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.

Read more at ABN Amro and Finextra.