Downing Ventures and Gresham Home Ventures have led a $10m (£7.7m) Sequence A funding spherical for enterprise finance aggregator Funding Xchange.
Funding Xchange mentioned that the funding spherical, which was additionally backed by Hambledon Capital, was over-subscribed at secure valuation regardless of the broader financial backdrop.
The agency mentioned it’s seeing extra demand for its on-line matchmaking service between enterprise lenders together with peer-to-peer lending platforms and debtors. Its know-how can be being white labelled by different monetary companies companies.
“The present disaster has accelerated the pattern in the direction of digitisation and using clever decisioning that makes use of entry to dwell knowledge,” Katrin Herrling (pictured), chief govt of Funding Xchange, mentioned.
“We’re delighted that our buyers are seeing the numerous alternative to rework small – and medium-sized enterprise lending to make funding extra accessible, extra inexpensive and extra sustainable by the deployment of our clever infrastructure.”
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Daniel Cheung, funding govt at Downing Ventures, mentioned know-how options similar to these supplied by Funding Change “are essential to assist small- and medium-sized enterprises entry finance at pace and at scale.”
Funding Xchange closed an £8m funding round in November 2019 that was additionally backed by Downing Ventures and Gresham Home.
“Entry to capital is essential for small companies and Funding Xchange has a market main resolution to assist corporations get funded,” Henry Atly, funding director at Gresham Home Ventures, added.