Business finance marketplace Funding Options has teamed up with predictive intelligence services provider DueDil to accelerate the process of SME finance applications.
The collaboration will enable Funding Options to identify friction points in financing application and expedite the process.
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It uses DueDil technology that link billions of company data points from authoritative sources. The technology facilitates the procurement of relevant data in the background, pre-filling respective fields and thereby reducing time for submitting applications.
The move is expected to benefit small and medium businesses across the UK by increasing approval likelihood. On the other hand, panel of lenders will receive financing applications in complaint with necessary rules.
Funding Options CEO Simon Cureton said: “Creating the simplest and smartest customer experience is one of Funding Options’ core values. From our partnership with DueDil to our commitment to help thousands more small businesses benefit from Open Banking, we are constantly building a more efficient platform for our customers, connecting them with the best products and services for their business.
“DueDil’s unrivalled company intelligence platform helps us to leverage our customers’ data to serve them better, automate the loan application process on their behalf and proactively help them before they know they need it.”
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By GlobalDataDueDil co-founder and CEO Justin Fitzpatrick said: “As financial service increasingly moves to an ecosystem of providers, seamless digital customer journeys and authoritative information for fast decision-making are key to opening up the market.
“DueDil and Funding Options are bringing together a best in class digital customer journey with a deep pool of financing providers, ensuring that small businesses of all shapes and sizes have access to the capital they need to grow.”
Last month, UK challenger Metro Bank partnered Funding Options to support its SME business. The lender entered into separate partnerships with DueDil and Conance.
