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Onboarding

Onboarding Process

 

  • How long does the onboarding process take?
    • Once you have submitted all the required information and documents, you will have the credit application decision within 2 weeks.
  • Can I save my progress and come back to complete the application later
    • Sure! All your data and documents will be securely saved in our system, allowing you to return and complete the application whenever it suits you best.
  • Why INFINIT needs me to connect my bank account?
    • We request you to connect your business account through open banking so we can assess your risk profile and provide you with the most suitable financing options tailored to your needs and constraints. This data is used exclusively for credit analysis and profile monitoring.
  • What will happen with the data from my bank?
    • INFINIT will receive read-only access to:
      • your bank account details, like account name, IBAN, type of the account
      • your transactional data, all incoming and outgoing transactions of your bank account
  • What if I’m not able to connect my bank account through open banking?
    • If you bank is not available in open banking or you experience an issue with connection, you can instead provide bank statement for the last 3 full months. Bank statements should be in PDF format and should be provided exactly for the dates requested in INFINIT app

Credit Line and Documents

  • What is the minimum and maximum credit line I can apply for?

    • We offer credit lines of €100K, €300K, and €500K. The application process is the same for all options, and the approved credit line amount is determined based on your credit risk assessment.

  • How long does it take to receive a decision on my credit line application

    • After creating your Infinit bank account, it takes 10 days to receive a decision.

  • What documents do I need to provide during onboarding?

    Company Details Data Drop box option list Italy 🇮🇹 Spain 🇪🇸 France 🇫🇷 Portugal 🇵🇹 UK 🇬🇧 Poland 🇵🇱 Docs Mandatory before KYB Docs Mandatory before Activation
    Company Registration Number OK - Corrected ✓ ✓ ✓ ✓ ✓ ✓    
    Company VAT number OK - Corrected ✓ ✓ ✓ ✓ ✓ ✓    
    Company Legal Name OK - Corrected ✓ ✓ ✓ ✓ ✓ ✓    
    Company Legal form OK - NOK - Waiting for the document ✓ ✓ ✓ ✓ ✓ ✓    
    Company Activity Code OK - Corrected ✓ ✓ ✓ ✓ ✓ ✓    
    Company Legal address OK - Corrected ✓ ✓ ✓ ✓ ✓ ✓    
    Company Showroom address OK - Corrected ✓ ✓ ✓ ✓ ✓ ✓    
    Company Registration date OK -- Corrected ✓ ✓ ✓ ✓ ✓ ✓    
                       
    Document name                  
    Company Registration Document OK - NOK - Missing ✓ ✓ ✓ ✓ ✓ ✓ Yes  
    INFINIT Application Form OK - NOK - Missing ✗ ✗ ✗ ✗ ✓ ✗ Yes ( before BO is live in UK)  
    Extract of BO register OK - NOK - Missing X X ✓ ✓ ✗ ✓ Yes  
    Company Status (Signed By-Laws) OK - NOK - Missing - Not Needed (if PL sole trader) ✓ ✓ ✓ ✓ ✗ ✓ Yes  
    Fleet Insurance OK - NOK - Missing ✓ ✓ ✓ ✓ ✓ ✓ No Yes
    Fleet Insurance Expiry date Calender seelction option ✓ ✓ ✓ ✓ ✓ ✓    
    Corporate Accounts IBAN certificate OK - NOK - Missing ✓ ✓ ✓ ✓ ✗ ✓ Yes  
    IBAN certificate (EU) OK - NOK - Missing ✗ ✗ ✗ ✗ ✗ ✓ Yes  
    3 month bank statement OK - Incomplete - Missing - Not needed (if open banking available) ✓ ✓ ✓ ✓ ✓ ✓ Yes  
    Proof of Address (Showroom) OK - NOK - Missing - FRAUDULENT ✓ ✓ ✓ ✓ ✓ ✓ Yes  
    Geo-localised Picture OK - NOK - Missing ✓ ✓ ✓ ✓ ✓ ✓ No Yes
    Privacy doc OK- NOK- Missing X X X X X v Yes  
    CRC (Certificado de Responsabilidade de Crédito) OK - NOK - Missing ✗ ✗ ✗ ✓ ✗ X Yes  
    Non-Debt Declaration (Tax authority) OK - NOK - Missing ✗ ✗ ✗ ✓ ✗ ✗ Yes  
    Non-Debt Declaration (Social Security OK - NOK - Missing ✗ ✗ ✗ ✓ ✗ ✗ Yes  
    Official Complete Audited Balance sheet 2023 with P&L values OK - NOK - Missing - FRAUDULENT ✓ ✓ ✓ ✓ ✓ ✓ Yes  
    Official Complete Audited Balance sheet 2022 with P&L values OK - NOK - Missing - FRAUDULENT ✓ ✓ ✓ ✓ ✓ ✓ Yes  
    Recent partial management account (if last audited balance sheet is >14months old) OK - NOK - Missing - Not needed ✓ ✓ ✓ ✓ ✓ ✓ Yes  
    Organizational Chart OK - NOK - Missing - Not Needed ✓ ✓ ✓ ✓ ✓ ✓ No Not in all the cases
                       
    Legal rep data                  
    Legal rep name OK - NOK - On the Blacklist ✓ ✓ ✓ ✓ ✓ ✓    
    Legal rep Age (Over 25) OK - NOK - Waiting for ID ✓ ✓ ✓ ✓ ✓ ✓    
                       
    Legal rep and Owner docs                  
    Legal Rep ID OK - NOK - Missing ✓ ✓ ✓ ✓ ✓ ✓ Yes  
    ID of all Beneficial Owners OK - NOK - Missing ✓ ✓ ✓ ✓ ✓ ✓ Yes  
        ✓ ✓ ✓ ✓ ✗ ✓    
                       

  • How available credit line is calculated?

    Available credit line is the amount that you can still use to finance your fleet or buy new car. This amount will vary depending on the number of loan applications pending verification. Available credit line = Granted - Used - Pending

    • Granted - credit line limit granted by the lender
    • Used - sum of all loans received by the you. This is the amount that you owe and have to pay back by the loan due date
    • Pending - sum of all loan applications submitted by you. These are loan applications that are either in review by INFINIT or lender

Rejections

  • What happens if my application is rejected? Can I reapply?
    • If your application is rejected, you can reapply after a waiting period of 6 months.