Experian partners with Funding Xchange
Experian has partnered with online business funding platform Funding Xchange to provide 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.
The report contains information on how lenders may consider their creditworthiness using real-time data.
Katrin Herrling, chief executive at Funding Xchange, 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.”
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.
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 appropriate action to improve their chances the following time.
It hopes to provide a greater number of businesses with the essential capital to help them continue operating, and drive business growth.
James McGarva, head of business information at Experian, added: “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 is 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 is 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.”