Companies such as Iwoca and Liberis are among the lender that will benefit from the company’s offer. SME borrowers can grant Funding Options access to their banking transaction history via Open Banking, data which being then standardised and passed on to lenders through a secure API.
The technology has come through a partnership with AccountScore for Open Banking which helped create the API, and a list of lenders which also includes White Oak UK, Newable and Just Cashflow.
According to AltFi, the launch comes at a busy time for Funding Options, which has demands from SMEs looking to borrow since the outbreak of coronavirus in the UK.
Many of the lenders who operate through Funding Options are currently excluded from the government’s Coronavirus Business Interruption Loan Scheme (CBILS), while others like Iwoca are working with the British Business Bank to see if they can gain accreditation.
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