Funding Xchange has appointed John Allbrook as a non-executive chair of the group to set up a series B investment round next year.
Allbrook has experience in global corporations, private equity and AIM-listed businesses across financial services and previously chaired both Syscap and Franchise Finance through periods of growth and on to successful exits.
He will take over from John Ott, who led the business finance aggregator through its successful series A funding round and the award of a £5m BCR grant and oversaw the launch of FXE Technologies, which digitises eligibility and affordability assessments.
Allbrook will work with the management team to set up a successful series B investment round next year to build on the growth driven by the technology solutions.
“Funding Xchange is changing the way in which small- and medium-sized enterprises (SMEs) gain access to finance and helping many lenders develop smarter, more efficient digital tools and pathways,” said Allbrook.
“I very much look forward to working with Katrin and the team as the business continues transforming the way the SME financing market operates.”
“We are extremely grateful to John, who has provided terrific support for Funding Xchange over many years as an investor, board member, and for the past three years as the chair,” said Katrin Herrling, co-founder and chief executive of the business finance aggregator platform.
“Under his leadership, the group has matured both in its capital raising and strategic direction.
“We understand John’s need to free up time for an intensive new chairmanship but look forward to his continued passion for FXE and his continued advice to the board and the management team.”