Peer2Peer Finance News

Funding Xchange names advisory board members ahead of new credit offering

Publication: Peer2Peer Finance News
9th June 2020

Finance aggregator Funding Xchange has appointed four fintech and lending specialists to sit on its advisory board, as it prepares to roll out its new Credit-as-a-Service proposition.

Two Shawbrook Bank veterans – Simon Featherstone and Philip George – are among the named board members.

Featherstone was previously managing director at LBG Commercial Finance, Bibby Financial Services and Shawbrook Bank, while George was chief executive of First National Bank and co-founder of Shawbrook Bank.

They are joined by John Allbrook, former managing director of GE Capital European Equipment Finance and chairman of Syscap.

The fourth appointee is Paul Hewitt – a non-executive chairman and one of the co-founders of Kintell.

“We are delighted to have brought together a wealth of talent from across the industry,” said Katrin Herrling (pictured), chief executive and co-founder of Funding Xchange.

“It's testament to the potential of the Credit-as-a-Service proposition to change the UK's small- and medium-sized business lending landscape benefiting both lenders and borrowers.”

The aim of the Credit-as-a-Service platform is to leverage Funding Xchange's existing business lending platform to support lenders who are facing issues with their digitalising processes.

“Funding Xchange have identified a key opportunity in the market to improve the lending experience for both lenders and businesses,” said George.

“The Credit-as-a-Service propositions allows lenders to unlock the power of data, making it quicker for businesses to gain access to funds, but at lower operational costs to lenders.”

Allbrook added: “Businesses need access to funds now, more than ever. This has been a major challenge for lenders to deliver. Credit-as-a-Service allows lenders to quickly deploy a digital customer journey that combines CRA and customer contributed data and validate it against their eligibility criteria.

“At the same time, the reduction in time to money out brings competitive advantages for lenders and drives improved top line performance. These benefits are delivered alongside an optimised customer experience, driving both an outcome within minutes, and better engagement.”

Funding Xchange is now planning to apply to BCR Pool E to further enhance its Credit-as-a-Service proposition.This story appeared on the P2P Finance News website.