SME lending marketplace Funding Xchange launches Open Banking

By Aisling Finn on Wednesday 19 February 2020

Alternative Lending

Funding Xchange is partnering with AccountScore to provide Open Banking to its 30,000 customers.

SME lending marketplace Funding Xchange launches Open Banking
Image source: Funding Xchange

 

Funding Xchange, a London-based SME lending marketplace, has announced a partnership with fintech platform AccountScore, a data and analytics business based in London.

The collaboration will enable SMEs to utilise Open Banking and make it easier for them to receive more personalised funding quotes.

Through using Open Banking with Funding Xchange, SMEs will be able to provide important data to their preferred lenders without any paperwork.

According to Funding Xchange, 25 per cent of SMEs are initially declined by their banks when applying for funding and the introduction of their new platform will make the process faster for both consumers and lenders.

Katrin Herrling, CEO of Funding Xchange said: “This is a huge step forward as we look to reduce friction and increase peace of mind for our customers while improving risk selection and speed of decisioning for lenders.”

Emma Steeley, CEO of AccountScore, added: “It is wonderful to see the growth of Open Banking in the SME arena, especially through the adoption of the technology by such a renowned platform as Funding Xchange”.

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