London-based FinTech Funding Xchange has secured ?8m in a new funding round, leaving the door open for the company to accelerate the development and rollout of new solutions.
Funding Xchange is the developer behind a digital decision solution that empowers businesses like Monzo, Experian and MoneySuperMarket to offer their clients clear, quick and transparent quotes for business funding.
It will use the new money to work on its so-called white label ?lending in a box solution,which is designed to digitize steps in the underwriting process to ensure lenders can serve business customers even faster.
Venture capital firms Downing Ventures and Gresham House Ventures led the round, something that Funding Xchange CEO and co-founder Katrin Herrling said she was ?delightedabout.
Daniel Cheung, associate at Downing Ventures, explained that the decision to support Funding Xchange latest investment drive was an acknowledgment to the startup ability to ?respond to some of the biggest challenges that banks and SME lenders face as the market is undergoing unprecedented change driven by new lenders and solutions changing the market dynamics, availability of new data and increasing regulatory scrutiny.p>
Funding Xchange raised a ?1.5m Series A round in March 2018.
Downing Ventures has previously backed Exonar, a data discovery and management software firm, when it raised ?6.5m earlier this year.
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