Funding Xchange closes £8m funding

Funding Xchange (FXE), the fintech that has built digital decisioning technology to enable partners like MoneySuperMarket, Monzo and Experian to offer their customers instant access to personalised transparent quotes for business funding, today announced the closing of an £8 million funding round, led by Downing Ventures and Gresham House Ventures.
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.
Co-founder and CEO Katrin Herrling 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.
“The funding round will enable us to accelerate the delivery of the next generation of our data and decisioning platform that enables banks and lenders to instantly transform their customer proposition by digitising their customer interfaces and decisioning to deliver personalised and transparent access to their own lending products or refer customers to selected third party lenders.”
Daniel Cheung at Downing Ventures added: “Funding Xchange is delivering digital solutions that respond to some of the biggest challenges that banks and SME lenders face as the market is undergoing unprecedented change – driven by new lenders and solutions changing the market dynamics, availability of new data and increasing regulatory scrutiny.
“We were impressed by the advocacy Katrin and her team have built for their data-driven approach. Partners like MoneySuperMarket can instantly give small businesses transparency of funding solutions and ensure that customers are always treated fairly.”