TSB launches new business finance marketplace

The new platform, which launches in May 2018, will enable small business borrowers to compare financing options from TSB and other lenders.

Funding Options already operates an online business finance marketplace separately to the TSB partnership, which presents borrowers with a range of finance options including peer-to-peer lenders.

Small businesses can often struggle to get the finance they need. TSB cited British Business Bank data that showed that around 50% of first time start-up borrowers get rejected from the largest banks when applying for finance.

TSB said that it is also planning to launch a new online business lending platform, allowing small companies to apply for finance and receive instant credit cheques and approvals.