15 Dec 2021
This partnership will enable independent businesses to access international payments via the marketplace, and pay invoices in over 50 different currencies.
London, 15th December 2021: Business finance marketplace Funding Options has joined forces with Wise to offer Wise Business, the business account for going global, in its marketplace to further expand its offering for SMEs as they recover from the pandemic.
Wise, the global technology company building the best way to move and manage money across borders for millions built Wise Business to enable business owners to pay international invoices, vendors, and employees in 80 countries without subscription fees and without paying any hidden charges in international transfers, which are made at the mid-market rate (i.e. the rate you see on Google). For example, in the UK, transfers with Wise are on average six times cheaper than traditional banks.
SME owners regularly identify easy access to key services as a barrier to growth, not least in the last 18 months as many have faced a myriad of challenges. Funding Options is addressing this problem by bringing together an ecosystem of providers who can champion SME growth in the UK. This collaboration with Wise follows on from its partnership with utilities comparison provider Love Energy Savings earlier this year to offer SMEs unbiased and fair comparisons on over 150 business energy tariffs from more than 17 providers.
This announcement is the latest milestone in an impressive year of expansion for Funding Options. The business has now helped well over 10,000 SMEs in the UK and the Netherlands to secure more than £570m in funding, and launched its award winning API-led and artificial intelligence-driven Funding Cloud™ platform earlier this year to help businesses access funds quickly. The company also launched the UK’s first green finance marketplace for SMEs in July.
The record from application to approval through Funding Cloud™ is now just 20 seconds, shaving minutes off previous times. Customers can now also receive cash in the bank in mere minutes, meaning vital growth decisions can be made almost instantaneously. By teaming up with the likes of Wise, Funding Options continues to bring innovative partners on to the platform with a shared vision of giving SMEs access to the best options on the market.
Simon Cureton, Chief Executive Officer at Funding Options, comments: “As we continue on our mission to help SMEs grow and thrive, we are delighted to be partnering with Wise. Business owners need and expect frictionless and affordable digital financial services, with international payments a key component for many. This strategic partnership adds another layer of depth to our Funding Cloud ecosystem, which we believe has the power to transform the SME finance landscape.”
Roisin Levine, Head of UK & Europe Partnerships at Wise, comments: “We’re thrilled to be working with Funding Options to bring a better international payments experience to SMEs. For too long, small businesses have been stuck with poor international payments services that are too expensive, mired in a lack of transparency, and slow and cumbersome processes. In fact, recent research has found that only two in 10 of all small businesses around the world believe their bank provides value for money. Like Funding Options, we believe small businesses deserve something better - an international payment service that is fast, transparent, convenient and affordable.”
Funding Options is a leading data-driven marketplace for business finance, helping SMEs get the right funding in place so they can trade, plan and grow with confidence. With over 120 leading lender partners, Funding Options has helped more than 10,000 businesses across the UK and Netherlands secure over £0.5bn in funding.
In a highly fragmented SME lending ecosystem, Funding Options is fast becoming the de facto marketplace for business finance, connecting businesses, lenders and partners in a frictionless digital journey. The company is transforming the way SMEs access finance through a combination of award-winning technology which uses data analytics, open banking APIs and Artificial Intelligence, and a dedicated team of experienced Business Finance Specialists to ensure borrowers can make informed decisions and have access to funding within minutes.
Recognised as a fast-growth scaleup, Funding Options was named in the top 25% of the FT 1000, the annual list of Europe’s fastest growing companies and is part of Silicon Valley Comes to the UK’s(SVC2UK) 2020 Scale Up Club cohort, a prestigious annual list of fast-growth UK technology companies destined for great things.
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 50 currencies, move money between countries and spend money abroad.
Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world's fastest growing, most profitable tech companies and is listed on the London Stock Exchange under the ticker, WISE.
11 million people and businesses use Wise, which processes over £6bn in cross-border transactions every month, saving customers over £1bn a year.Find out more here
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