By Daniel Lanyon on Tuesday 27 April 2021
By the end of the year, Funding Options says it expects to have more than 30 lenders fully integrated into the new marketplace platform 'Funding Cloud'.
Funding Options embeds each lender, and borrower into the platform with partner lenders completing the origination and underwriting. Naturally, the platform will be using open banking APIs and artificial intelligence, Funding Options says. This will help provide customers with rapid confirmed funding decisions.
Its expects to have more than 30 lenders fully integrated into the new marketplace platform, dubbed Funding Cloud, further helping to improve the speed of lending decisions to its customers.
With the UK moving out of lockdown, small and medium businesses are tentatively looking to the post-pandemic economy following the change in government-backed initiatives to pay employee wages and provide cheap loans.
Borrowers that do not match lender criteria receive free insight to understand the financial health of their business and what may be required to gain approval in future.
The initial priority will be in getting more lenders embedded on the new platform. Longer-term Cureton says it will “enable a host of SME data-driven services to be sourced through digital journeys.”
John Davies, Executive Chairman at Just Cashflow comments, “Working capital is the lifeblood of any business. Our customers want both flexibility and fast decision making when it comes to securing the finance they need to grow and maximise profitability.”
Christoph Rieche, CEO and co-founder of Iwoca adds, “Embedded finance is at the heart of what we do. Our technology and this integration means we can now offer bespoke loans that are tailored to each of our partners - such as Funding Options through their exciting new Funding Cloud platform.