Barclays leads FXE’s Series B funding round, which is open to a consortium of FXE clients.

The fundraise brings together strategic investors and will accelerate FXE’s ability to drive ecosystem adoption of the digital tools that promote transparency, positive customer outcomes and more efficient lending processes for banks and lenders.

Funding Xchange provides white-label software solutions for banks and lenders and is also developing industry-wide solutions that join-up the SME finance ecosystem, deliver greater transparency and ensure businesses can access suitable products that address their needs. Their products have been adopted by 80 of the most innovative high street banks, challenger banks and specialist lenders.

Ryan Hayward, Head of Strategic Investments for Europe and Asia at Barclays commented: “We have chosen to back FXE as we see the opportunity to transform an industry that has not kept pace with the consumer market in the adoption of digital technologies. The team at FXE brings together the right mix of skills and experience and they have built an impressive technology and insights platform. The strength of the team and their track record as innovators makes us excited about the prospects for the business.”

Katrin Herrling (pictured), CEO and co-founder of Funding Xchange, commented: “This investment creates a unique opportunity for Funding Xchange to drive the transformation of the wider SME lending ecosystem. We are delighted that Barclays shares our vision and approach to close collaboration focused on rapidly unlocking tangible benefits for businesses and banks.”

Sarah Hollyhead, MD of Funding Xchange, commented: “It has been a pleasure to work with Ryan and the Barclays Principal Investments team on delivering this transformational investment into Funding Xchange. Our client-led Series B is fantastic recognition of the client advocacy our team has built.”