Publication: London Tech Watch
1st December 2019
Funding Xchange listed as one of the London startups that raised the most capital in 2019
Funding Xchange has completed a venture capital funding round worth £8.0 million, spearheaded by Downing Ventures and Gresham House Ventures. Funding Xchange is a financial services company that makes funding easy and transparent for small and medium-sized businesses. Founded by Katrin Herrling and Olivier Lomenie in 2014, Funding Xchange has now raised a total of £9.5 million. This funding round puts them on London Tech Watch's list of the 15 London startups that raised the most capital in 2019.
About the funding round:
Funding Xchange has created the world's first intelligent decisioning platform that transforms efficiency in SME lending by holding lenders' underwriting models. Through its mediation platform, businesses can access personalised funding quotes in less than four minutes and receive funds within 10 minutes – rather than days or weeks as is usually the case. The company has also integrated access to finance into payment solutions and cloud accounting software to offer a seamless experience for small businesses.
The new round of investment will enable Funding Xchange to harness the technology behind its marketplace service to accelerate the rollout of its white label 'lending in a box solution', which digitises key steps in the underwriting process so that banks and lenders can instantly and cost effectively serve business customers, while also ensuring the best products from across the market are easily available to their customers.
Commenting on the investment round, Katrin said: “We are delighted that Downing and Gresham House have joined us on our exciting journey to help reshape a sector that is rapidly adopting digital solutions using new data sources to enable the delivery of seamless, instant access to finance. This is creating the opportunity to provide small businesses with the same transparency and ease of access to finance that consumers have become accustomed to.”
IMAS Corporate Finance acted as the exclusive financial adviser to Funding Xchange on this investment round.
Read the full article on London Tech Watch