Funding Options has unveiled embedded finance technology for lending partners to allow them to integrate their decision making tools onto the business finance aggregator’s platform and speed up approvals.
It has already signed up Just Cash Flow, Iwoca, YouLend, Optimum Finance and FIBR to the technology called Funding Cloud and is hoping to have more than 30 lenders fully integrated by the end of this year.
There are no peer-to-peer lenders in the first group but a spokesperson said they could be added later.
Funding Circle have previously featured on the Funding Options platform.
The idea behind embedded finance is that borrowers access finance from a fintech firm through a non-banking service such as an e-commerce platform.
For example, YouLend provides funding for users of Shopify and Iwoca offers finance to users of online bookkeeping platform Xero.
The fintech lenders arrange the finance but the relationship remains between the customer and the brand they have an account with.
Funding Circle has also previously said it plans to developed an API for other brands to offer its loans through their own websites.
“We are incredibly excited for the launch of Funding Cloud,” Simon Cureton, chief executive of Funding Options, said.
“This builds on the significant scale we have, both in terms of our small – and medium-sized enterprise (SME) acquisition flow and distribution to our lender partners.
“Whilst our initial priority will be in getting more lenders transitioned onto the new platform, longer term it will enable a host of SME data driven services to be sourced through digital journeys.”
Rival business finance aggregator FundingXchange already offers embedded finance through partners such as Monzo and Enterprise Nation.