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Funding Xchange to boost lending offering with £8 mn funding

Katrin Herrling, CEO of Funding Xchange

London-based Funding Xchange has secured £8 million in a funding round led by Downing Ventures and Gresham House Ventures in a bid to enhance its marketplace service and propel the launch of its white-label ‘lending in a box’ solution. IMAS Corporate Finance acted as the Financial Adviser to the supplier in this funding round. The white-label solution aims to digitize steps in the underwriting process for enabling banks and lenders to provide enhanced customer experience as well as products in the market.

Katrin Herrling, CEO of Funding Xchange said, “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. 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 digitizing their customer interfaces and decisioning to deliver personalized and transparent access to their own lending products or refer customers to selected third-party lenders.”

Recently, California-based global information services company, Experian entered into a partnership with the supplier in a bid to provide SME customers with access to funding choices.

Daniel Cheung at Downing Ventures said, “Funding Xchange is delivering digital solutions that respond to some of the biggest challenges that banks and SME lenders face as the market is undergoing unprecedented change – driven by new lenders and solutions changing the market dynamics, availability of new data and increasing regulatory scrutiny. The next phase of Funding Xchange’s growth is now seeing lenders leverage Funding Xchange’s digital technology to provide their customers with instant, personalized quotes while reducing their own costs to serve customers by 70%. As a technology and data analytics business, Funding Xchange’s market insights are already helping banks and lenders build and test funding propositions that respond to customer needs and address the funding gap.”

Funding Xchange

Founded in 2014, Funding Xchange aims to bring transparency and efficiency to small business lending. It refers small businesses declined credit by their bank to other sources of funding. It focuses on bringing about efficiency in SME lending distribution by holding lenders’ underwriting models and integrating with their decisions. Funding Xchange mirrors lenders’ decisions based on their credit policies, affordability models and risk pricing.

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