Barclays Backs Funding Xchange In Series B Funding

Barclays has spearheaded a Series B funding round for Funding Xchange (FXE), a supplier of white-label software designed for SME lenders. However, the amount of the investment remains undisclosed.

FXE offers a marketplace equipped with digital qualification and financial viability assessment tools, allowing SMEs to access financing from 70 lenders.

The firm also provides Software as a Service (SaaS) offerings for credit evaluation and monitoring, and partners with more than 80 brokers, banks, and other financial organizations.

Barclays Aims To Bridge The Digital Technology Gap In The Financial Sector

Funding Xchange focuses its operations on business financing. The firm provides a wide variety of financial services like invoice financing and business loans, all directed at assisting companies manage their financing.

It caters to the small and medium-sized enterprises. The company was established in 2014 and is based in London, UK. FXE is part of the government-backed Lending Referral Program where lenders are obliged to direct unsuccessful candidates to its service.

The head of strategic investments for Europe and Asia at Barclays, Ryan Hayward, stated that the company decided to support FXE because the team believes in the potential to revolutionize the industry. He added that the industry is still very far behind the consumer market in embracing digital technologies.

The Chief Executive Officer of FXE, Katrin Herrling, said the team is happy that Barclays supports their vision and strategy focused on quickly gaining tangible value for banks and businesses.

Barclays plc is a British global financial institution with its headquarters located in London, England. The institution functions with two departments, Barclays International and Barclays UK, backed by a service firm, Barclays Execution Services.

Barclays Provides Specific Banking Services Through Post Office Branches

Barclays is primarily registered on the LSE and is on the FTSE 100 Index. It is also listed on the New York Stock Exchange. The bank is known as a systemically fundamental financial institution by the Financial Stability Board.

Barclays has a presence in more than 40 countries, employing over 80,000 individuals, and is ranked as the fifth biggest bank in the whole of Europe in terms of total assets.

Barclays also provides specific banking services via post office branches. The majority of Barclays branches provide ATMs accessible at all times. Its clients and the clients of several other financial institutions can access Barclays ATMs without any charges in the UK. However, in certain countries, charges are incurred.

Its contribution to the latest funding for FXE was not disclosed, but the funds will be used to speed up FXE’s growth potential in the industry.