All change: Funding Options diversifies into energy switching

By Oliver Smith on Tuesday 20 July 2021

Alternative Lending

It does kinda make sense.

All change: Funding Options diversifies into energy switching
Image source: Simon Cureton/Funding Options.

In the race to rebundle traditional banking services, we've seen both Monzo and Revolut adding price comparison and utility switching services, and now SME lending marketplace Funding Options is getting in on the trend.

By teaming up with energy comparison site Love Energy Savings, Funding Options is starting off by enabling API handovers to help customers find a better deal. 

It's what Funding Option CEO Simon Cureton told AltFi is the business's "first foray" into adjacent markets.

"Finance is clearly a very important service that SMEs are looking for, certainly the most important, but it's not the only core service that businesses need," he said.

"Things like business insurance, energy switching, telcos and business broadband, you could even go as far as putting things like office space and accounting software packages in there, for example."

For now most of the heavy-lifting of the energy comparison and switching is being done on Love Energy Savings' own website, Cureton is clear that "what we don't want to do too early is try to become a Loving Energy Savings, because that's not our core competency."

But the data analytics it has on its customers will help it to identify those that have a need, today that's for energy switching, and in the future it could be for any of the services Cureton mentions.

"We have this large acquisition capability, so for us to be able to offer a proliferation of services for those businesses is hugely positive."

Still, for now Funding Options is clear that its core business is, and will continue to be, operating its SME lending marketplace.

Don't expect 'Funding Options' to change its name just yet.

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