Barclays has led a Series B financing round for Funding Xchange (FXE), a provider of white-label software for lenders to SMEs. The size of the round was not disclosed.
Founded in 2014, FXE provides a marketplace, complete with digital eligibility and affordability assessment tools, where SMEs can look for funding from 70 lenders.
The company also offers SaaS solutions for credit decisioning and monitoring and works with over 80 banks, brokers and other financial institutions.
Ryan Hayward, head, strategic investments, Europe and Asia, Barclays, says: "We have chosen to back FXE as we see the opportunity to transform an industry that has not kept pace with the consumer market in the adoption of digital technologies."
Katrin Herrling, CEO, FXE, adds: "We are delighted that Barclays shares our vision and approach to close collaboration focused on rapidly unlocking tangible benefits for businesses and banks."