UK-based online business finance marketplace Funding Options is launching in the Netherlands with the backing of local bank ING.
The move marks Funding Options' first advance in continental Europe. The company works with a panel of over 50 lenders to help small businesses access alternative forms of finance, offering loans from as little as £1,000 up to £10 million.
The referral partnership with ING will see the online marketplace offered to businesses in the Netherlands who do not qualify for an ING finance product. Even if a business is not an ING customer, Dutch small businesses who can’t secure traditional funding can go to the ING website and use Funding Options’ free service.
ING's fintech venture arm took a $5 million stake in Funding Options in September last year.
Ryan Edwards-Pritchard, managing director, Funding Options, comments: “Too often small businesses will face the challenge of not being able to access funding from mainstream lenders, whether because they are too young, too small or simply because they don’t meet the banks’ criteria. This is a great example of the banks and fintechs working together for the benefit of customers.”