FOR IMMEDIATE RELEASE
Funding Xchange (FXE) confirmed today that it has closed a £1.5M Series A funding round led by Calibrate Management Ltd and Kimera.
FXE has developed underwriting technology that transforms access to finance for small businesses. FXE is now working to integrate the power of data made available through Open Banking, Cloud Accounting and other sources to enable “one-click” funding applications to banks, alternative lenders and specialist financing providers. The platform provides small businesses with transparency on available funding solutions while radically reducing finance providers’ cost of serving small businesses.
FXE is one of only a handful of companies approved by the Financial Conduct Authority as an AISP (Account Information Service Provider) provider at the start of the Open Banking revolution, and has been designated by HM Treasury, as part of its mandatory referral process, to work with nine of the UK leading Banks to help small businesses secure funding.
Katrin Herrling, Co-Founder and CEO of Funding Xchange, said: “We are delighted to welcome Calibrate and Kimera as investors in Funding Xchange. They share our vision for re-shaping the future of lending for small businesses. The SME finance landscape is changing rapidly – regulatory reform, open banking and innovation from lenders are all helping to create transparency and are enabling small businesses to take control of their finances. The role of Funding Xchange in this changing eco-system is to provide solutions that help SMEs to grow, by accessing the best finance terms that are available to them.”
FXE has built strong partnerships in the industry, including MoneySuperMarket.com and recently Sage, the leading accounting and business cloud services provider. Sage announced, at its Investor Day in January, a partnership with FXE that will provide businesses with tools to build a stronger financial profile, prevent funding emergencies and access always-on pre-qualified funding solutions, at the click of a button.
Seamus Smith, Executive Vice President at Sage Worldwide Payments & Banking, says: “As Sage continues to lead the development of payments & banking functionality within the accounting and payroll software, it is key for us to achieve a way for our customers to access fast, fair and effective lending options. Through our partnership with Funding Xchange we hope to not only benefit our customers who will access the best possible lending option for them, but also the banks & lenders who will see a significant reduction in their cost of acquisition and credit decisions.”
The investment will be used to continue FXE’s development of cloud-based automated decisioning technology and the incorporation of live transactional data sources, enabling digitalisation and automatic underwriting to reduce funders’ costs and accelerate speed of serving small businesses.
Remy Kesrouani, Fund Manager & Partner at Calibrate added:
“We believe that technology is the key to unlocking funding for small businesses and that transparency being created in the SME landscape will bring with it rapid change. We are confident that Funding Xchange will be the platform to shape the way small business owners optimise and manage their funding to help them grow in the future.”
For more information, please contact Guillaume Vandamme on 07825 978 656 or email firstname.lastname@example.org
To learn how we help small businesses, please visit: http://www.fundingxchange.co.uk/
About Funding Xchange
Funding Xchange is the leading business funding market place. The innovative platform links businesses to the funders who are most likely to have an appetite to lend to them.
Funding Xchange was one of the four founding portals appointed by the government to provide a declines platform for businesses being declined by their mainstream bank on loan applications.
The platform works with a range of high profile business advisors, such as KPMG, and with most of the banks and lending providers, providing access to finance for many SMEs who wish to grow.
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