Publication: Funding Xchange
10th August 2016
CMA recognises market innovation from finance platforms like Funding Xchange is rapidly increasing transparency and competition in small business funding, reducing the need for regulatory intervention Katrin Herrling, Co-Founder and CEO of Funding Xchange
“We welcome the Competition and Markets Authority (CMA) proposals, which demonstrate the CMA’s recognition that the sector is already taking huge strides in increasing transparency and innovation in small business lending, reducing the need for regulatory intervention.
Funding Xchange’s market-leading quote comparison platform shows how small businesses can benefit from innovative technology. The transparency and competition we create helps businesses save both time and money.
In fact, our research shows that the lack of transparency has a real cost to businesses: statistics on our platform show that offering a range of funding options can save a businesses on average £2,000 when taking out a £20,000 loan.
Additionally, we welcome the CMA supporting the Nesta challenge prize as a “way of creating one or more commercially sustainable SME comparison tools.” However, it is critical to note that small businesses need funding today and the CMA proposals will take time to implement.
Banks and alternative funding platforms must work together as quickly and efficiently as possible to do all we can to help small businesses secure competitive loans that ultimately benefit them in both the short and long term.”
About Funding Xchange
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