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Funding Xchange launches Open Banking solution with leading fintech AccountScore

Funding Xchange launches Open Banking solution with leading fintech AccountScore

SME lending marketplace Funding Xchange has entered a partnership with leading fintech company AccountScore in a bid to enable SMEs to reap benefits from Open Banking. Funding Xchange aims to provide SMEs with multiple financing quotes in an accurate and timely manner, helping them identify the best funding solution based on their business. The firm enables SMEs to provide vital data to their preferred lenders without the hassle of physical paperwork.

Katrin Herrling, CEO at Funding Xchange said, “This I 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. Open Banking will be a key driver in enabling automated affordability models, giving lenders greater confidence in their digital credit assessments, and we’re delighted to be the first funding marketplace to integrate with AccountScore to help make this a reality.”

AccountScore’s innovative solution helps provide in-depth information for accelerating the customer journey, enhancing the lender’s underwriting sources and reduces loan processing time. It facilitates the provision of crucial insights, not available through traditional data sources, whilst making the process faster for both the consumer and the lender.

Emma Steeley, CEO at AccountScore, commented, “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. From experience, we know that the data provided via our Open Banking solution has enabled more businesses to secure the funding they need. We look forward to working with Funding Xchange to help enable more businesses to fulfil their potential.”

Recently, Funding Xchange has also secured £8m in a funding round led by Downing Ventures and Gresham House Ventures in a bid to enhance its marketplace service and propel the launch of its white-label ‘lending in a box’ solution.

Read the full article on IBS Intelligence

 

This article was published in IBS Intelligence 19th February 2020