Publication: Management Today
2nd July 2019
Katrin Herrling, founder and chief executive of FundingXchange, has been quoted in an article on Management Today.
“Three years ago, your typical route for finance was to invest a couple of hours in talking to different lenders, including your own bank,” Herrling says. “This process would typically take about eight weeks because the banks would want to see your statements and your management accounts. Then they'd have questions for your accountants and would want to see your invoices.
“In many cases, the banks would still find it difficult to assess your creditworthiness, for example, if your business is seasonal or you rely on a few big customers. That's all been replaced by real-time data, plugging into your cloud accounting software, which completely changes the model. In some cases you can get the money 15 minutes after applying.”