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How Funding Options is transforming SME funding with the DueDil API

June 11, 2020
How Funding Options is transforming SME funding with the DueDil API

Funding Options is a FinTech company founded in 2012 that seeks to expand access to external financing by connecting SMEs with appropriate financial services providers. Small businesses don’t have the time or resources to spend weeks or months searching out the best services. So, for Funding Options, both speed and accuracy of matching is essential if they are to succeed in their goal of helping SMEs compete on the same level as bigger businesses.

Katie Ball, Business Finance Specialist at Funding Options says, “We aim to get small business funded quickly. But we have to do our own checks, as well as work on behalf of our customer. Speed is everything.”

Key to their value proposition is the use of automated proprietary systems to match and score services and applicants. This allows them to accurately assess risk and customer needs quickly and connect them with a provider that suits their profile. This system relies on a combination of human empathy-based skills, their brokerage team, and automated data processing to create a complete picture of a customer to find the best option.

Funding Options use DueDil’s API to inject insights on these SMEs directly into the onboarding flow – ensuring the customer data gathered is as accurate as possible and that users spend less time filling out forms. As Simon Cureton, CEO of Funding Options, puts it "Using DueDil’s API, we’re able to enhance and speed up the customer onboarding journey, whilst increasing the matching precision between our lenders and borrowers."

By connecting to DueDil’s API, Funding Options is able to shorten its customer onboarding process, with instant feedback on risk from only ten customer data points.

“Our customers save so much time on admin when they apply to be matched by us. It’s quick and easy for them - and for us. We use DueDil’s information to accurately assess customers’ risk. And, with the level of detail we get from DueDil we’re able to fine-tune the matching and connect our customer with a provider that suits their profile.” adds Katie.

This approach also yields increased long-term value by enabling their team to re-sell financing options to customers over their lifetime as their needs change, based on new data that indicates whether the business fits one of their lifecycle borrowing profiles.

Helping SMEs thrive with access to finance

One SME that has benefited from Funding Options’ technology is The Gluten Free Bakery in South London, founded and run by Rana Righton. Rana turned to Funding Options after being turned down for financing by her bank. The bakery had been expanding quickly, but after receiving a huge order for gluten-free pizza bases it needed to ramp up even faster.

With help from Funding Options Rana was quickly able to get the equipment she needed to meet the demand. This is where the technology Funding Options deploys and the company-specific insights that DueDil offers combine to unlock the full potential of UK SMEs.

Marie Mahy, Fintech Lead at DueDil says, “99% of companies in the UK are SMEs, so having access to the right funding is critical to the UK economy. We help make it easier for Funding Options to get the right funding to them. In the past it would have been time-consuming and fiddly to source data about the financial health of their clients. We’ve changed all that. What we do is to compile accurate data from authoritative sources, deconstruct it and then reconstruct it in a way that’s easy to digest.”