Funding technology platform Funding Xchange has bagged a $10m Series A funding round co-led by Downing Ventures and Gresham House Ventures.
Hambledon Capital also participated in the raise that comes as demand for the startup’s services has spiked on the back of the digital transformation that has been fuelled by Covid-19.
Founded in 2014, Funding Xchange has set out to transform the SME lending market with the core aims of making SME finance more accessible, affordable, and sustainable. The technology at the heart of Funding Xchange is unique, delivering quotes to SMEs in three minutes, decisions in five minutes and funds in bank in ten minutes.
With the government intervention loans to support Covid impacted businesses, Funding Xchange is particularly well placed to address both the provision of funding, and the intelligent management of flexible repayment programmes.
”The current crisis has accelerated the trend towards digitisation and the use of intelligent decisioning that uses access to live data,” said Katrin Herrling, co-founder and CEO of Funding Xchange. “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.”
Leading the investors, Daniel Cheung from Downing Ventures commented, “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.“
Joining Downing Ventures as an investor, Henry Atly from Gresham House Ventures added, “We are very excited to continue to back Katrin and the Funding Xchange team as they transform SME lending. Particularly at the current time, access to capital is critical for small businesses, and Funding Xchange has a market leading solution to help companies get funded.”
Copyright © 2020 FinTech Global
