The online lending industry continues to expand at a rapid pace, especially in the U.K., where policymakers are encouraging challenger banks and alternative lenders to boost the competition in the small business lending arena.
The nation has gotten a new marketplace lender with the introduction of Fundbird on the market. Reports in Tech City News Monday (July 27) highlighted the new player, which secured support from Payoneer Founder Yuval Tal, among others.
With so many alternative lending platforms on the market today, what sets Fundbird apart? According to reports, it’s the company’s ability to filter the applications of small businesses based on what they actually need, a method that helps business owners get educated on the type of financing that will be most useful to them. Doing so also reduces risk for investors, reports said, by helping pair SMEs with the most effective lending partner.
Fundbird offers an array of small business financial products, from trade financing to crowdfunding and P2P loans. Already the platform has partnered with some of the industry’s emerging leaders like Funding Circle, iwoca and Crowdcube. Reports said the company hopes to nab 20 partners by the end of the year.
But Fundbird isn’t careless when it comes to choosing its lending partners. Reports added that the platform chooses these partners based on their interest rates, customer support services and how flexible their payment terms are.
According to Tech City News, Fundbird CEO and Cofounder Sharon Argov has vowed to safely introduce SMEs in need of funding to the investors they need. “We are delighted to launch Fundbird in the U.K. and begin introducing more small business owners to Britain’s extensive alternative finance landscape,” the executive said. “We are committed to acting as a conduit for alternative finance lenders, and we guarantee our lending partners will receive high-quality, convertible leads from Fundbird.”