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Funding Options unveils cloud-based lending platform for SMEs

Funding Options unveils cloud-based lending platform for SMEs

Funding Options, the data driven marketplace for SMEs, has launched Funding Cloud, an integrated real-time cloud-based platform to navigate the complexity of the fragmented lending market.

With lenders Just Cash Flow, iwoca, YouLend, Optimum Finance and FIBR already integrated, Funding Options claims that this new platform will be a highly efficient channel for customer acquisition and by the end of 2021, the business finance marketplace expects to have over 30 lenders fully onboarded.

Further, Funding Cloud boasts speed, certainty, and reduced friction for lenders, having reached a new record of 20.614 seconds from loan application to credit approval, with the previous record being 2 minutes and 56 seconds.

Using data analytics, open banking APIs and artificial intelligence, lenders maintain control of the process and are presented with a single journey through a lender portal that delivers instant decisions. Funding Cloud also creates a comparable lending score for every business and borrowers that do not match lender criteria are provided with free insights into their financial health.

Simon Cureton, CEO of Funding Options comments that the fintech firm’s mission is to deliver a platform that powers holistic SME solutions and can match businesses to the best funding options. “This builds on the significant scale we have, both in terms of our SME acquisition flow and distribution to our lender partners. Whilst our initial priority will be in getting more lenders transitioned onto the new platform, longer term it will enable a host of SME data driven services to be sourced through digital journeys. COVID-19 has shone a huge spotlight on the SME lending ecosystem and Funding Cloud (™) coupled with our market leading acquisition flow, has the power to transform the SME finance landscape.”

Comments: (1)

Andrew Smith
Andrew Smith - RTGS & ClearBank - London 28 April, 2021, 14:10Be the first to give this comment the thumbs up 0 likes

This is great news. Within the financial services sector, future years will no doubt show a trend of businesses looking to alternative lenders, as opposed to going back to their day to day banking provider. No doubt this will deliver better customer outcomes - and will see yet more challenger banks being able to take the incumbents head on for owning that banking relationship, especially if the source of "loans" is not the bank itself....