Fintech firm Funding Xchange today announces securing an £8 million funding round ($10.3 million), led by Downing Ventures and Gresham House Ventures. The business funding marketplace is known for partnering with the likes of Monzo, MoneySuperMarket and Experian to provide instant, personalized and transparent quotes for SMEs.
Having created the “world’s first intelligent decisioning platform that transforms efficiency in SME lending by holding lenders’ underwriting models,” businesses are able to request quotes in under four minutes and receive funds in 10 minutes, a step change from how long it usually takes – occasionally days or weeks.
Continuing to harness the integrated access to finance with payment solutions and cloud accounting software, the new investment will enable Funding Xchange to roll out its white label ‘lending in a box solution’ which digitises trial steps in the underwriting process.
In addition to this, the organization’s focus on transactional data digital decisioning has led to former Managing Director of Experian Business Information Max Firth and former Managing Director of Experian pH Paul Henry joining the business to push the provision of decisioning solutions to banks and lenders and deliver data analytics with the launch of Funding Xchange’s SME Lending monitor, respectively.
Katrin Herrling, respected fintech entrepreneur who founded and heads up the company, says: “We are delighted that Downing and Gresham House have joined us on our exciting journey to help reshape a sector that is rapidly adopting digital solutions using new data sources to enable the delivery of seamless, instant access to finance. This is creating the opportunity to provide small businesses with the same transparency and ease of access to finance that consumers have become accustomed to.
“The funding round will enable us to accelerate the delivery of the next generation of our data and decisioning platform that enables banks and lenders to instantly transform their customer proposition by digitising their customer interfaces and decisioning to deliver personalized and transparent access to their own lending products or refer customers to selected third party lenders.”
To date, Funding Xchange has helped over 100,000 UK businesses navigate their finance options.