The developer behind Ocado has launched a business funding platform that aims to make it easier for small companies to shop around for finance.
Funding Xchange has been co-founded by Olivier Beau de Lomenie and Katrin Herrling. The platform enables business owners to receive quotes from a series of funders from one enquiry, allowing users to compare rates and options quickly.
Funding Xchange said that while the alternative lending sector has grown to meet the needs of the 50 per cent of loan requests refused by banks, businesses often find the options confusing. Two thirds of businesses only approach one potential lender, while 60 per cent spend less than two hours sourcing funding, it said.
Ms Herrling said Funding Xchange brings the benefits of price comparison sites to corporate finance.
The chief executive, who was previously a small and medium-sized enterprise (SME) specialist at consultancy Bain and Company, said: “As consumers we have benefited hugely from price comparison websites. “We bring the same benefits to a market where shopping around previously consumed a huge amount of time and energy. “We have done all the leg-work so it is now easy for businesses to get quotes from a wide range of lenders.”
He said: “As a technologist I am passionate about creating innovative new enterprise solutions. “At Ocado, our focus was to cut through the complexity of grocery shopping and change the way consumers shopped for food. “Funding Xchange is no exception. It brings clarity and simplicity to a process that is notoriously tricky and opaque.”