Small- and medium-sized enterprise (SME) lending marketplace Funding Xchange has partnered with data and analytics business AccountScore to use its Open Banking solution.
Thanks to the data-sharing initiative, SMEs using Funding Xchange will be able to provide data to their preferred lenders without paperwork and will receive more personalised funding quotes.
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When applying for funding, a quarter of SMEs are turned away by their bank, according to Funding Xchange, which claimed that its new platform will speed up the process for both consumers and lenders.
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“This is a huge step forward as we look to reduce friction and increase peace of mind for our customers while improving risk selection and speed of decisioning for lenders,” said Katrin Herrling, (pictured), chief executive, Funding Xchange.
“It is wonderful to see the growth of Open Banking in the SME arena, especially through the adoption of the technology by such a renowned platform as Funding Xchange,” said Emma Steeley, chief executive, AccountScore.