Small business funding firm Funding Xchange (FXE) has raised £1.5m in Series A funding, provided by Calibrate Management Ltd and Kimera.
The company will use the cash injection to continue developing its cloud-based automated decisioning technology.
FXE allows small business to find funding from a host of 45 competing investors. They use Open Banking, Cloud Accounting and other means to enable “one-click” funding applications to banks, alternative lenders and specialist financing providers.
Katrin Herrling, co-founder and CEO of Funding Xchange, said: “We are delighted to welcome Calibrate and Kimera as investors in Funding Xchange. They share our vision for re-shaping the future of lending for small businesses.
“The SME finance landscape is changing rapidly – regulatory reform, open banking and innovation from lenders are all helping to create transparency and are enabling small businesses to take control of their finances. The role of Funding Xchange in this changing eco-system is to provide solutions that help SMEs to grow, by accessing the best finance terms that are available to them.”
This new pot of money will also be used to incorporate live transactional data sources, enable digitalisation and automatic underwriting to reduce funders’ costs and accelerate speed of serving small businesses.
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Remy Kesrouani, fund manager and partner at Calibrate spoke about the news: “We believe that technology is the key to unlocking funding for small businesses and that transparency being created in the SME landscape will bring with it rapid change.
“We are confident that Funding Xchange will be the platform to shape the way small business owners optimise and manage their funding to help them grow in the future,” he added.
As part of its mandatory referral process, HM Treasury has designated FXE to work with nine of the UK’s leading banks to help small businesses secure funding.
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