Funding Options, the marketplace for business finance, has partnered with Open Accounting firm, Validis, to improve the lending journey for applicants and speed up access to finance for SMEs.
The partnership is designed to reduce time and expense from the data preparation process effectively making access to external funding much faster for businesses.
Funding Options will also utilise the accurate and structured client data to make more informed lending decisions and improve their risk exposure.
Validis’ extraction technology standardises customer accounting data removing the manual headache of collating management account information during a loan application. Funding Options will combine data from Validis with other data sources, such as Open Banking and bureau data, to provide support for back office functions, helping to automate decision making and identify areas of risk.
Simon Cureton, CEO of Funding Options, said: “Crafting a seamless lending journey for our customers is one of our core values. By working with our strategic partner, Validis, we are committing to building the most efficient platform possible, connecting our clients with the right products and services.
“I’m excited to digitise a crucial part of the lending application process and look forward to helping businesses across the UK together.”
Nik Haidar, UK general manager, Validis, added: “We’re excited to sign this partnership with Funding Options and help improve lending outcomes for UK businesses. Funding Options are racing ahead with their vision to make funding accessible, fair and easy, and that is a journey we are keen to support.
“As financial services become increasingly digital, making sure all aspects of the lending journey are as efficient as possible is a crucial step. Joining the Funding Options lending ecosystem brings together best in class technology that will help businesses get access to the finance they need to scale their efforts.”
