FinTech firm Funding Xchange has announced the closing of an £8 million funding round, led by Downing Ventures and Gresham House Ventures.

The firm has built a digital ‘decisioning technology’ to enable its partners, which include MoneySuperMarket, Monzo and Experian, to offer their customers access to personalised quotes for business funding.

It is designated by HM Treasury as a Finance Referral Platform and works with nine UK banks to help their customers access finance solutions if they are not ready for bank finance.

Through its mediation platform, businesses can access personalised funding quotes in less than four minutes and receive funds within 10 minutes.

The company has also integrated access to finance into payment solutions and cloud accounting software to offer a seamless experience for small businesses.

The new round of investment will allow the firm to accelerate the rollout of its white label ‘lending in a box solution’, which digitises key steps in the underwriting process so that banks and lenders can serve business customers.

The company is led by co-founder and CEO Katrin Herrling, who set up Funding Xchange after seven years with Bain & Co.’s Financial Services practice.

Max Firth, former MD of Experian’s Business Information, and Paul Henry, MD of Experian pH, joined the business over the last year.

Commenting on the investment round, Herrling said: “We are delighted that Downing and Gresham House have joined us on our exciting journey to help reshape a sector that is rapidly adopting digital solutions using new data sources to enable the delivery of seamless, instant access to finance.

“The funding round will enable us to accelerate the delivery of the next generation of our data and decisioning platform that enables banks and lenders to instantly transform their customer proposition by digitising their customer interfaces and decisioning to deliver personalised and transparent access to their own lending products or refer customers to selected third party lenders.”

Daniel Cheung at Downing Ventures added: “We were impressed by the advocacy Katrin and her team have built for their data-driven approach. Partners like MoneySuperMarket can instantly give small businesses transparency of funding solutions and ensure that customers are always treated fairly.”