By Oliver Smith on Friday 9 July 2021
Helping incumbents and challenger backs to improve their lending.
After selling its lending tech to banks and challengers on the side, Funding Xchange is formalising this arm of its business under the FXE Technology brand today.
The FXE Technology platform for lenders includes eligibility and affordability assessments, as well as portfolio monitoring once loans have been made.
CEO and co-founder Katrin Herrling told AltFi that this new division is also helping lenders to address credit model challenges in the wake of Covid-19 by “providing eligibility and affordability models that allow funders to use new, transactional data sources to make lending decisions or monitor in-life portfolios.”
The offering is divided into three products, EmbeddedLending which, as the name suggests, enables banks to effectively embed their lending products, SmartFinanceHub which provides an access point for commercial finance funders and brokers, and PortfolioMonitoring which offers the in-life monitoring tech.
Funding Xchange has operated its marketplace for SMEs looking for funding from alternative lenders since 2014, giving it a long track record of assessing applications.
White-labelling this technology is the obvious next step according to Herrling.
“It is clear that there are attractive lending opportunities in the market and unlocking these will require digital capabilities to be able to identify and deploy funding efficiently,” she said.
“The use of real-time data to understand how businesses are performing is becoming even more important in these times. This is where FXE Technologies comes in to deliver digital capabilities to the SME lending ecosystem.”