After selling its proprietary lending technology to banking institutions, Funding Xchange has decided to launch an FXE Technology unit.
The FXE Technology division for lenders will offer affordability and eligibility assessments, along with portfolio monitoring services after loans have been issued.
Funding Xchange Co-founder and CEO Katrin Herrling explained that the FXE Technology unit will be assisting lenders with handling credit model challenges by offering eligibility and affordability models that allow loan providers to leverage transactional data sources to make informed lending decisions.
The offering includes: EmbeddedLending, which allows banks to integrate various lending solutions; SmartFinanceHub which offers a common access point for commercial finance funders and brokers; and PortfolioMonitoring which provides the in-life monitoring technology.
Funding Xchange has been offering its marketplace (since 2014) for small businesses seeking funding from alternative lenders. The company now has an established track record of evaluating applications.
Using real-time data to gain insights into how companies or businesses are doing has become increasingly important. That’s why FXE Technologies will be offering unique digital capabilities to the SME lending sector.
Funding Xchange‘s FXE Technologies platform should now be able to help lenders assess eligibility and affordability across different products.
Katrin Herrling, Chief Executive at Funding Xchange says that looking for opportunities during uncertain times requires businesses to seek better insights into companies’ trading and payments activities.
She believes it’s clear that there are many good lending opportunities in the market right now and taking advantage of them will require digital capabilities that can reliably identify and provide funding in an efficient manner.
Ben Sher, Chief Commercial Officer at Funding Xchange, notes that as the financial services ecosystem keeps diversifying its products and services, lenders are continuously challenged to address the new digital experience requirements of clients.
FXE Technologies aims to offer both banks and lenders an easy-to-use set of tools to enhance customer conversion while lowering overall portfolio risk and provides an experience to the end customer that they can really appreciate and value.
Customer insight is key for the business. The company aims to continue pulling data from several different credit reference agencies, management accounts providers, open banking, payments data and accounting platforms, Funding Xchange’s management noted.
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