A win-win for the SME lending duo.
The addition of Starling Bank is a key win for Funding Options which has helped SMEs access more than £850m in CBILS loans over the past 12 months through its partnerships with the likes of Iwoca, Lloyds Bank and MarketFinance.
Starling Bank, meanwhile, issued over £2bn in government-backed loans over the same period, and today claims to have a 5 per cent market share among small business accounts.
The partnership should be a win-win for both fintechs, with Funding Options facilitating more lending and Starling gaining more mindshare among SMEs—in turn helping it to reach its target of 18 per cent market share among small business accounts over the next five years.
“By forming lending partnerships with credit brokers such as Funding Options, Starling is making it easier for small businesses to get access to the funds they need to survive, grow and flourish,” said Helen Bierton, chief banking officer at Starling Bank.