Funding Xchange (FXE), a London, UK-based company that has built digital decisioning technology to enable fintech partners to offer their customers instant access to personalised transparent quotes for business funding, closed an £8m funding round.
The round was led by Downing Ventures and Gresham House Ventures.
The company intends to use the funds to continue to build the technology behind its marketplace service to accelerate the rollout of its white label ‘lending in a box solution’, which digitizes key steps in the underwriting process so that banks and lenders can serve business customers.
Led by CEO Katrin Herrling, who set up Funding Xchange after seven years with Bain & Co.’s Financial Services practice, Funding Xchange is an intelligent platform that accurately mirrors lenders’ decisioning based on their credit policies, affordability models and risk pricing. By using access to live transactional data, including closed group CRA data, the company provides personalized terms for SMEs. By holding decisioning within the platform, applicants’ personal data is protected, and businesses have control over the funding process.
The company has also integrated access to finance into payment solutions and cloud accounting software to offer a seamless experience for small businesses.
Since its inception, Funding Xchange has served over 100,000 UK businesses navigate their finance options, while also providing its technology to Price Comparison Websites like MoneySuperMarket and Money.co.uk.