Financing options, the London-based financial services company that provides loans to small businesses, has launched a new platform that makes it easier for SMEs to access funds and scale their operations.
Describing itself as “ the premier market for corporate finance, ” the new platform, called the Cloud Financing, is a data-driven solution that integrates with lenders and uses innovative technology to organize rapid financing and simple for small businesses.
According to reports, lenders already integrated with the Funding Cloud platform include Just Cash, YouLend, iwoca, Optimum Finance and FIBR. Leaders behind
the project also indicates that by the fourth quarter of 2021, they will have more than 30 fully integrated lenders.
To date, with over 120 leading partner lenders, Funding Options operates with over 120 leading lenders and has helped over 10,000 businesses across the UK and the Netherlands achieve over 0.5 billion pounds in funding.
The challenges of SME financing
Currently, new businesses and small businesses are struggling to navigate the complex financial solutions offered by the UK loan market. The new Funding Cloud initiative is a centralized two-sided marketplace where SMEs can research options and be matched with the lender that best fits their needs.
The environment provides a simplified and frictionless option for participants in the borrowing and lending market. It also helps SMEs quickly find the most suitable lenders and products based on their eligibility and needs.
Using AI and data analytics, along with open banking APIs, it is currently the only platform capable of presenting clients with confirmed financing options in a single ride. Thanks to data analytics, open banking APIs and artificial intelligence, it is the only platform to offer customers confirmed financing options through a single dynamic customer journey.
Cloud loan financing
Details of the new platform reveal that it has the ability to deliver instant real-time decisions and firm offers from lenders based on the rich digital information two-way exchange system.
The platform’s lenders have called it a “breakthrough innovation for the SME sector” with data showing that it can facilitate a loan decision as little as 20.614 seconds from loan application to loan. credit approval.
The platform completes the legwork for lenders, but they retain control when necessary, underwriting loans and managing their products through a dedicated lender portal. The data-rich Funding Cloud (™) also helps develop a comparable loan score for each company, which provides insight into the propensity to succeed with Funding Options ‘panel of lenders and the lenders’ overall consumer risk.
Speaking about the new launch, Simon Cureton, CEO of Funding Options, explained, “Our mission is to provide a single platform that powers comprehensive digital solutions for SMEs, pairing businesses with the best financing options. We are extremely excited about the launch of Funding Cloud (™) as part of this journey. “
Cureton said the platform leverages the significant scale of Financing Options, both in terms of SME acquisition flow and distribution to its lending partners. He added: “While our initial priority will be to move more lenders to the new platform, in the longer term, this will allow a multitude of data-driven services from SMEs to be provisioned through digital travel. COVID-19 has put the spotlight on the SME lending ecosystem and Funding Cloud, together with our market-leading acquisition flow, has the power to transform the SME finance landscape.
Working capital, which is considered the lifeblood of any SME, will become much easier to obtain, said John Davies, executive chairman of Just Cashflow. “Our clients want both flexibility and quick decision making to get the financing they need to grow and maximize profitability. Funding Options technology enables this in a truly revolutionary way and we are delighted to be one of the first partners to be integrated with Funding Cloud. “
He added, “The platform allows us to deliver a tailored approach to each customer, matching them with the right product quickly and efficiently.”