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$10m boost for funding tech platform

A funding technology platform has completed a $10m round with the closure of the second tranche of the financing.

Funding Xchange has seen a surge in demand from a drive towards digital transformation accelerated by the coronavirus pandemic.

This potential has been recognised by lead investors Downing Ventures and Gresham House Ventures, who together with Hambledon Capital, completed the over-subscribed funding round at stable valuation.

Funding Xchange was founded in 2014 to transform the SME lending market with the core aims of making SME finance more accessible, affordable, and sustainable.

Co-founder and chief executive of Funding Xchange, Katrin Herrling, said: "The current crisis has accelerated the trend towards digitisation and the use of intelligent decisioning that uses access to live data.

"We are delighted that our investors are seeing the significant opportunity to transform SME lending to make funding more accessible, more affordable and more sustainable through the deployment of our intelligent infrastructure."

Leading the investors, Daniel Cheung from Downing Ventures added: "In the current economic climate, it has been apparent that technology solutions are critical to help SMEs access finance at speed and at scale.

"Funding Xchange continues to play an important role in driving innovation in this market.

"Downing Ventures have been impressed with Katrin and the team’s ability to navigate through these uncertain times and remain hugely supportive of the potential of Funding Xchange."

Joining Downing Ventures as an investor, Henry Atly from Gresham House Ventures, said: "We are very excited to continue to back Katrin and the Funding Xchange team as they transform SME lending. Particularly at the current time, access to capital is critical for small businesses, and Funding Xchange has a market leading solution to help companies get funded."

 

This article was published in 15th September 2020