SMEs access finance in minutes with new partnership between Experian & Funding Xchange

Today sees the launch of a new partnership between Experian and Funding Xchange, the leading online small business funding platform. Their collaboration now provides small business (SME) customers better access to affordable funding choices from more than 45 lenders.

Business owners can now link directly from their Experian business credit report to find the most appropriate funding solutions for their organisation, with information on how lenders may consider their creditworthiness using real-time data.

This new partnership integrates Funding Xchange’s lending platform with Experian’s My Business Profile, a business tool used by over 25,000 SMEs in the last three years alone since its launch. It will provide a greater number of businesses with the essential capital to help them continue operating, and drive business growth. Funding Xchange has already helped thousands of SMEs find over £50 million in funding:

  • Trevor King of Buckinghamshire clothing manufacturer, T King Associates, obtained a Secured Business Loan from Funding Xchange: “You typically have to finance machinery every five years or so and we were running out of time. Funding Xchange was great – we had already seen other lenders provide the same type of finance but at much higher rates. Funding Xchange showed us all the options – it was quick and simple to apply.”
  • Richard Davies of South Wales sports events company, Front Row Sports Events Ltd, used Funding Xchange to secure a Flexible Credit Line: “Having this funding has been massive in terms of easing off the financial pressure during peak period for our business. It has allowed us to manage our cash flow effectively, which is particularly crucial for a young, dynamic business.”

Commenting on the partnership, entrepreneur and CEO at Funding Xchange, Katrin Herrling, said: “The credit profile of a business and its owners are important factors in lenders’ decision making. It is well recognised that companies that do engage with their data and understand the impact of their financial information on decisions lenders make about them, already have a higher chance of finding funding. 

“Funding Xchange has built up a comprehensive panel of small business lenders with a wide range of financial products and credit appetite which gives Experian’s small business customers a better chance of finding the money they need, when they need it.”

Small businesses who have struggled to secure funding through the Funding Xchange lending platform will also receive a free trial of Experian’s My Business Profile, helping them take the appropriate action to improve their chances next time. My Business Profile gives customers full visibility of their business credit profile, enabling them to understand what’s affecting their business credit score.

James McGarva, Head of Business Information at Experian, said: “We understand that many small businesses can lack sufficient cash to fuel business growth, so relying on funding gives them the necessary resources to improve the scale of their operation. 

“At the same time, it’s also important for owners and directors of SMEs to better understand how they can strengthen their credit history to give them the best chance of securing that funding. 

“That’s why we are excited to be working with Funding Xchange, as it gives our customers a seamless link to the appropriate finance options, while also giving the opportunity for those turned down for credit to get the support they need to improve their business credit score. We hope that through this partnership we can help support the success of many more small businesses.”

This integration extends the transformation in access to funding which Funding Xchange is delivering, and which is already accessible to small businesses through a range other partners including MoneySuperMarket, Sage and Ezbob.