Sage partners with Funding Xchange in bid to use Open Banking to give SMEs targeted access to finance at the ‘click of a button’
Accounting giant Sage has partnered with Funding Xchange in a bid to use Open Banking data to provide SMEs with more targeted access to finance.
Working alongside the data provided from Sage and other sources, Funding Xchange (FXE) will enable “one-click” funding applications to banks, alternative lenders and specialist financing providers.
Katrin Herrling, Co-Founder and CEO of Funding Xchange, said: “We are delighted to partner with Sage. They share our vision for re-shaping the future of lending for small businesses. We believe Open Banking offers us a great opportunity to provide more targeted solutions for SMEs who want to access finance, and look forward to working with Sage as we make this lending process quicker and more targeted.
At its recent Investor Day, Sage announced 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 partnership with Sage will now run alongside other strong partners that FXE has built with stakeholders in the industry, including MoneySuperMarket.com.
ENDS
Notes to editors:
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.
The platform provides small businesses with transparency on available funding solutions, while radically reducing finance providers’ cost of serving small businesses.
As part of its mandatory referral process, HM Treasury has designated FXE to work with nine of the UK’s leading banks to help small businesses secure funding.
For more information, please contact Guillaume Vandamme on 07825 978 656 or email guillaume.vandamme@fundingxchange.co.uk
Alternatively you can visit: http://www.fundingxchange.co.uk/