By Oliver Smith on Thursday 10 March 2022
Letting accountants manage finance applications on behalf of their clients.
After diversifying its business with energy switching and international payments for SMEs in 2021, Funding Options is now exploring different routes to market with a new funding platform specifically for accountants and advisors.
Called Funding Cloud: Connect, the offering is an expansion of the lending marketplace’s existing Funding Cloud platform that lets lenders embed their products inside Funding Options, resulting in more streamlined applications and faster decisions.
Connect expands this from just business owners, to let accountants and advisors set their clients up on the platform and facilitate their loan applications.
“Typically, an accountant tasked with sourcing finance and collating the relevant paperwork for an SME can take weeks or months,” said Simon Cureton, CEO of Funding Options.
“Through FC: Connect, we are working directly with businesses and their trusted advisors to enable them to secure vital finance at speed, to help fulfil their strategic goals.”
In Funding Options’ experience, an SME is 10x more likely to be approved when applying via its embedded lending platform Funding Cloud: Connect through their accountant.
The marketplace says it has set several internal records through Funding Cloud, including a record from loan application to approval of 20 seconds, and a record of application to funds in the bank of 18 minutes.
Funding Options has been working directly with more than 150 accountancy firms in the UK, including Cooper Parry and Smith & Williamson, in building Funding Cloud: Connect.
“It's a privilege to be given early access to test out a product which enables accountants to strengthen their position as trusted advisors,” said Nick Levine, a chartered accountant and fintech specialist.
“Rather than waiting weeks for approval, the technological infrastructure of Funding CloudTM removes the headache for accountants and gives them access to instant approvals for clients, so their attention can be turned to focus on strategic guidance to grow their SME client’s business.”
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