Funding Xchange raises £7.8m in a Series A round led by Downing Ventures to scale its lending technology platform
Downing Ventures and Gresham House Ventures led the oversubscribed financing round to support growing demand for digital SME lending.
Funding Xchange operates a funding technology platform that connects businesses with lenders and white labels its software to financial institutions. The company provides analytics and rapid decisioning tools to streamline SME lending.
Funding Xchange has secured £7.8m in Series A funding through the completion of a second financing tranche. The round was led by Downing Ventures alongside Gresham House Ventures and Hambledon Capital.
The capital injection follows heightened demand for digital transformation among small businesses during the coronavirus pandemic. Funding Xchange will utilise its technology platform to assist lenders with operational efficiencies and the management of government intervention loans.
Existing backers and new participants completed the oversubscribed round at a stable valuation. The business continues to expand its white-labelled software offerings for challenger and established banks.
From the founder
"The current crisis has accelerated the trend towards digitisation and the use of intelligent decisioning that uses access to live data. We are delighted that our investors are seeing the significant opportunity to transform SME lending to make funding more accessible, more affordable and more sustainable through the deployment of our intelligent infrastructure."
Katrin Herrling
CEO at Funding Xchange
Investor perspective
"In the current economic climate, it has been apparent that technology solutions are critical to help SMEs access finance at speed and at scale. Funding Xchange continues to play an important role in driving innovation in this market. Downing Ventures have been impressed with Katrin and the team’s ability to navigate through these uncertain times and remain hugely supportive of the potential of Funding Xchange."
Daniel Cheung
Downing Ventures
Investors
Categories
About the company
Funding Xchange
Funding Xchange provides a technology platform that connects businesses with lenders and streamlines SME finance.