What is a Financial Connection? Our Credit Underwriting Process

What is a Financial Connection, how does 40Seas use it, and how do we keep your information safe

At 40Seas, we understand that applying for credit can be a daunting task, especially when it involves sharing sensitive financial information. During the underwriting stage of your credit application we may ask that you provide a connection to your payment method account and other supporting information to evaluate your credit. We want to assure you that your trust is our top priority, and we are committed to ensuring the security and confidentiality of your data throughout the application process.

What is a Financial Connection? 

A financial connection (FC) is a link between your business bank account and 40Seas, facilitated by one of our secure open banking partners Stripe, GoCardLess, or Plaid, depending on your region. This connection allows 40Seas internal credit team to both verify account ownership and verify that your account is used for commercial purposes. We use this data in order to assess the financial health of your business and make a fair, informed decision on your credit application. This account is also the payment method you choose to use for the direct debit of your invoices. 

Stripe is used for businesses based in the US and Canada, Plaid is used for Canada, and GoCardLess is used in Europe

How Do I Connect My Bank Account? 

During the credit application stage you will be prompted to provide a financial connection and be able to select your financial institution from the list provided to you. You can also log into your account at any time and update your information by going to Settings> Financial Information


Click Here to see how to add your financial connection 


Once your account is connected, you can choose to disconnect it at any time. 

Your Privacy and Security Matter

We want to emphasize that connecting your business bank account does not grant 40Seas any permissions to perform actions on your account. It is essential to understand that this connection only allows us to digitally view the last six months' worth of bank statements. We do not have the ability to initiate transactions, access your funds, or make any changes to your account. Your financial data is encrypted and transmitted securely, ensuring that only authorized personnel at 40Seas can access the information for the sole purpose of evaluating your creditworthiness.

Types of Financial Connections 

In addition to connecting your bank account/ payment method for review, you may be asked to submit further supporting financial documentation in order for our team to assess your creditworthiness. This may be in the form of a documentation or a connection called CODAT. 


In order to verify additional details and obtain a more holistic idea of the credit needs of your business, we may ask for audited financial statements such as a tax return for the previous year, or other financial statements for the previous quarters of the current year. 

What do these documents provide us with? 

  • They help to verify account ownership 
  • provide a more comprehensive look at your business needs
  • verify the information provided by your bank statements 

In order to upload your documents you can simply go to your account and select Settings> Financial Information> Documents. 

Accounting Software 

Similar to a bank account connection, a connection to your business accounting software such as Quickbooks or Xero provides our credit team with a holistic view of your business's long-term financial health with a simple digital connection. 

What does this connection provide us with? 

  • Your company Profit & Loss statement 
  • Your company Balance Sheet 
  • Your company Cash Flow sheet 

Particularly for higher requested credit limits, this information is important for our credit team to see the long-term financial health of your business, so we may look at your yearly reports to aid our credit decision. 

If your company policy does not permit a connection to accounting software, you can upload a full financial report to 'documents'. This report can be easily generated and exported from your accounting software as a PDF


Q: I provided information but I was asked for more- why is that? 

A: Depending on the amount of credit requested we may conduct a more thorough underwriting process and to clarify the documents you already provided we may ask for additional information. 

Q: Can I disconnect my accounts?

A: Yes, you can disconnect your accounts at anytime by going to your dashboard Settings> Financial Information. For business's in Europe, your accounts will disconnect automatically after 3 months and you will need to reconnect to maintain your credit limit.

Q: Will 40Seas underwriting affect my credit score? 

A: We perform what is called a 'soft check' on your business credit history. This will not affect your credit score