Funding Xchange integrates platform with Experian

By Daniel Lanyon on Wednesday 24 July 2019

Editor's PickAlternative Lending

The integration will allow SMEs viewing their business credit reports to also find funding solutions.

Funding Xchange integrates platform with Experian
Image source: Photo by rawpixel.com from Pexels

Funding Xchange has joined forces with Experian to begin piloting a new tool provide SMEs with access to funding from more than 45 lenders. 

The first of its kind, the partnership integrates Funding Xchange’s lending platform with Experian’s My Business Profile, used by over 25,000 SMEs (registered at Companies House) since its launch in 2016. 

Funding Xchange says thousands of SMEs have been able to find over £50m in funding through its platform and this new tie-up will accelerate that growth.

Katrin Herrling, CEO at Funding Xchange said: “The credit profile of a business and business owners are important factors in lenders’ decision making. It is well recognised that companies that do engage with their data and understand the impact of their financial information on decisions lenders make about them, already have a higher chance of finding funding.

"The new partnership will also provide a free trial of Experian’s My Business Profile to SMEs who have struggled to secure funding through the Funding Xchange lending platform, helping them take the appropriate action to improve their chances next time. My Business Profile gives customers full visibility of their business credit profile, enabling them to understand what’s affecting their business credit score."

James McGarva, Head of Business Information at Experian, said: “We understand that many small businesses can lack sufficient cash to fuel business growth, so relying on funding gives them the necessary resources to improve the scale of their operation. 

“At the same time, it’s also important for owners and directors of SMEs to better understand how they can strengthen their credit history to give them the best chance of securing that funding. 

“That’s why we are excited to be working with Funding Xchange, as it gives our customers a seamless link to the appropriate finance options, while also giving the opportunity for those turned down for credit to get the support they need to improve their business credit score. We hope that through this partnership we can help support the success of many more small businesses.”

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