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Funding Xchange enters partnership with AccountScore in embrace of Open Banking

Funding Xchange enters partnership with AccountScore in embrace of Open Banking

Funding Xchange, a leading London-based SME lending marketplace, has announced a partnership with fintech platform AccountScore, a data and analytics business based in London. This partnership is the first such partnership between AccountScore and SME lending marketplaces.

The collaboration will enable SMEs to utilise Open Banking and make it easier for them to receive more personalised funding quotes. Through the use of Open Banking with Funding Xchange, SMEs will be able to provide important data to their preferred lenders without the need for troublesome paperwork.

According to Funding Xchange, 25% of SMEs are initially declined by their high street bank when applying for funding, and the introduction of their new platform will make the lending process faster for both consumers and lenders.

Katrin Herrling, CEO at Funding Xchange, said: “This is a huge step forward as we look to reduce friction and increase peace of mind for our customers while improving risk selection and speed of decisioning for lenders.”

Emma Steeley, CEO of AccountScore, added: “It is wonderful to see the growth of Open Banking in the SME arena, especially through the adoption of the technology by such a renowned platform as Funding Xchange.”

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This article was published in Altfi 19th February 2020