Publication: FinTech Times
9th June 2020
The advisory board has been formed to provide strategic guidance and ensure the Credit-as-a-Service proposition supports lenders who are facing issues digitalising processes. The service ultimately aims to create a competitive advantage for lenders.
The advisory board comprises senior leaders from the finance sector with backgrounds from established banks, challenger banks and FinTechs:
Simon Featherstone, previously MD of LBG Commercial Finance, Bibby Financial Services and Shawbrook Bank brings a wealth of experience in the banking and lending sector. Simon also holds advisory and non-executive director roles across the financial services industry. Philip George, previously CEO of First National Bank, and co-founder of Shawbrook Bank. Philip brings over 40 years' experience in the banking sector to the board. John Allbrook, previously MD GE Capital European Equipment Finance, Chairman of Syscap, is currently Chairman of IGF. John has broad financial services sector experience with specific knowledge of asset finance and asset-based lending. Paul Hewitt, Paul is a non-executive chairman and one of the co-founders of Kintell. Following 25 years of experience in finance, Paul has been a non-executive director of 17 businesses and has backed several successful start-ups and early-stage ventures.
The board will support the positioning of the Credit-as-a-Service platform, which leverages Funding Xchange's market-leading SME lending platform, helps clients digitise, optimise and accelerate their SME lending offering with an off the shelf solution, involving minimal in-house technology build that can be deployed in just a number of days. It can be deployed either as a direct or as a broker solution enabling lenders to digitalise both acquisition channels.
Katrin Herrling, CEO and co-founder of Funding Xchange, commented:”We are delighted to have brought together a wealth of talent from across the industry. It's testament to the potential of the Credit-as-a-Service proposition to change the UK SME lending landscape benefiting both lenders and borrowers.”
Philip George noted:”Funding Xchange, have identified a key opportunity in the market to improve the lending experience for both lenders and businesses. 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. “
Simon Featherstone added:”Funding Xchange's Credit-as-a-Service solution provides a triage solution for banks and lenders, helping them deal with the sales challenge of wading through hundreds of applications for the 'right ones'.”
John Allbrook said:”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.”
Paul Hewitt was quoted:”Funding Xchange is well known for their marketplace offering in the small businesses arena. By leveraging their existing capabilities and knowledge of lending they are able to, not only provide a world class technological solution, but the expertise to help their clients maximise the commercial and operational benefits.”
With the advisory board in place Funding Xchange will be applying to BCR Pool E to enhance further the Credit-as-a-Service proposition. The ability for a lender to monitor their back book is currently limited. Providing connections to 'always on' data sources through Credit-as-a-Service will allow lenders to support businesses beyond the point of origination.
This article appeared on the FintechTimes website.