Funding Xchange, a UK-based SME lending marketplace, has announced a partnership with fintech platform AccountScore to enable SMEs to utilise Open Banking.
The partnership has as an end goal to make it easier for SMEs to receive more personalised funding quotes. Through using Open Banking with Funding Xchange, SMEs will be able to provide important data to their preferred lenders without any paperwork.
According to Funding Xchange, 25% of SMEs are initially declined by their banks when applying for funding and the introduction of their new platform will make the process faster for both consumers and lenders. Funding Xchange representatives have argued that the partnership is a step forward as the company looks to reduce friction for its customers while improving risk selection and speed of decisioning for lenders.
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