CMA recognises market innovation from finance platforms like Funding Xchange is rapidly increasing transparency and competition in small business funding, reducing the need for regulatory intervention

Katrin Herrling, Co-Founder and CEO of Funding Xchange

“We welcome the Competition and Markets Authority (CMA) proposals, which demonstrate the CMA’s recognition that the sector is already taking huge strides in increasing transparency and innovation in small business lending, reducing the need for regulatory intervention.

Funding Xchange’s market-leading quote comparison platform shows how small businesses can benefit from innovative technology. The transparency and competition we create helps businesses save both time and money.

In fact, our research shows that the lack of transparency has a real cost to businesses: statistics on our platform show that offering a range of funding options can save a businesses on average £2,000 when taking out a £20,000 loan. 

Additionally, we welcome the CMA supporting the Nesta challenge prize as a “way of creating one or more commercially sustainable SME comparison tools.” However, it is critical to note that small businesses need funding today and the CMA proposals will take time to implement. 

Banks and alternative funding platforms must work together as quickly and efficiently as possible to do all we can to help small businesses secure competitive loans that ultimately benefit them in both the short and long term.”

About Funding Xchange

Funding Xchange (FXE) (www.fundingxchange.co.uk) helps a broad range of businesses to shop around for the right financing solution. Businesses complete just one application to receive offers within hours or days from a broad range of funders. Business owners gain a transparent overview of available funding options and terms - giving them the ability to choose the option that's right for them. Since launch, Funding Xchange has helped retailers, accounting firms, restaurants, hotels, farmers, trades people, manufacturers, and exporters access a broad range of funding solutions. 

Funding Xchange was honored earlier this year with two awards at the UK Angel Investment Awards 2016: Scooping the prestigious prize for 'Best Investment in Fintech' as well as being called out as "One to Watch" in the category 'Best Investment in a High Growth Woman Founder.'

For more information, small business research, images or to arrange interviews with Katrin Herrling, Co-Founder and CEO of Funding Xchange contact:

Martin Dyan – Head of Communications

07967 516 063

martin.dyan@fundingxchange.co.uk

For further information on our capabilities and to learn how we help small businesses, please visit: http://www.fundingxchange.co.uk/ 

Follow Funding Xchange on Twitter: https://twitter.com/FXCHANGEUK

Visit the Funding Xchange blog: http://www.fundingxchange.co.uk/sme_funding_blog

Note - £2,000 average saving is representative of the average amount saved based upon the highest vs lowest loan amounts offered, when comparing all loan applications to have received at least two Heads of Terms offers or more.