Barclays leads Funding Xchange Series B funding round
2 weeks ago
Barclays leads FXE’s Series B funding round, which is open to a consortium of FXE clients.
The fundraise brings together strategic investors and will accelerate FXE’s ability to drive ecosystem adoption of the digital tools that promote transparency, positive customer outcomes and more efficient lending processes for banks and lenders.
Funding Xchange provides white-label software solutions for banks and lenders and is also developing industry-wide solutions that join-up the SME finance ecosystem, deliver greater transparency and ensure businesses can access suitable products that address their needs.
Funding Xchange products have been adopted by 80 of the most innovative high street banks, challenger banks and specialist lenders. The company has been recognised as a leading innovator in the commercial lending space and has won numerous international awards, including a BCR grant.
Ryan Hayward, Head of Strategic Investments for Europe and Asia at Barclays commented: “We have chosen to back FXE as we see the opportunity to transform an industry that has not kept pace with the consumer market in the adoption of digital technologies. The team at FXE brings together the right mix of skills and experience and they have built an impressive technology and insights platform. The strength of the team and their track record as innovators makes us excited about the prospects for the business.”
Katrin Herrling, CEO and co-founder of Funding Xchange, commented: “This investment creates a unique opportunity for Funding Xchange to drive the transformation of the wider SME lending ecosystem. We are delighted that Barclays shares our vision and approach to close collaboration focused on rapidly unlocking tangible benefits for businesses and banks.”
Sarah Hollyhead, MD of Funding Xchange, commented: “It has been a pleasure to work with Ryan and the Barclays Principal Investments team on delivering this transformational investment into Funding Xchange. Our client-led Series B is fantastic recognition of the client advocacy our team has built.”
For more information contact Sarah Hollyhead, MD of Funding Xchange (Sarah.Hollyhead@fundingxchange.co.uk)
Contact: Sarah Hollyhead, MD of Funding Xchange (Sarah.Hollyhead@fundingxchange.co.uk)
About Funding Xchange
Our mission is to transform customer engagement and insight throughout SME lending. The company, founded in 2014, offers an SME marketplace which incorporates digital eligibility and affordability assessment tools. Via its FXE Technologies arm, the company also provides SaaS solutions for credit decisioning and monitoring and works with over 80 banks, brokers and other financial institutions.
FXE Technologies supplies a suite of digital SME lending solutions that enable banks, brokers and lenders to instantly triage customers against underwriting models while transforming customer conversion and engagement. FXE’s solutions cover the full lifecycle of SME credit decisioning and monitoring and include Embedded Lending, SmartFinanceHub and Portfolio Monitoring:
Embedded Lending provides SME customer triage based on eligibility and affordability and helps lenders and brokers to increase customer engagement with SMEs directly, while keeping operational costs low and increasing conversion rates.
SmartFinanceHub provides a single point of access to connect commercial finance funders and brokers. The platform drives deals funding volume and reduces admin by generating high quality, compliant proposals with secure submission and real-time validation of funder appetite.
PortfolioMonitoring provides in-life portfolio monitoring of risk exposure and opportunity. The product proactively monitors affordability trends across the whole portfolio, combining background heat mapping with individual customer deep dives.
About Barclays
Our vision is to be the UK-centred leader in global finance. We are a diversified bank with comprehensive UK consumer, corporate and wealth and private banking franchises, a leading investment bank and a strong, specialist US consumer bank. Through these five divisions, we are working together for a better financial future for our customers, clients and communities.
For further information about Barclays, please visit our website home.barclays
Funding Xchange is the leading business funding market place. The innovative platform links businesses to the funders who are most likely to have an appetite to lend to them.
Funding Xchange was one of the four founding portals appointed by the government to provide a declines platform for businesses being declined by their mainstream bank on loan applications.
The platform works with a range of high profile business advisors, such as KPMG, and with most of the banks and lending providers, providing access to finance for many SMEs who wish to grow.
