Funding Options now supplies data to 20 alternative lenders through open banking, as of Tuesday.
In Brief:
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SME borrowers can grant Funding Options access to their transaction history.
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The data can then be passed on to lenders through an API.
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The lenders include Iwoca and Liberis.
What does this mean?
This will allow information to be passed on to lenders quickly, so that Funding Options can more easily connect SME borrowers with alternative finance. Last week it announced it had seen over $1bn loan requests since the Coronavirus pandemic as businesses are concerned about their cashflow, so now is the time to make the process more efficient.
