An AI-driven finance comparison platform named FundOnion has been launched to assist small businesses in the UK in securing funding.
According to a recent report from the Bank of England, approximately one in four small business loan applications to banks are declined, resulting in a significant £22 billion funding gap in the country.
FundOnion aims to mitigate this issue by enabling businesses to easily compare loan costs from over 20 lenders. The platform utilizes AI to assess a company’s borrowing potential and determine the best available rates, subsequently connecting businesses with an SME finance expert to finalize the funding details.
Even before its official launch this week, FundOnion has already served more than 6,000 UK businesses, with reports of securing a loan in as little as 19 minutes.
James Robson, the CEO of FundOnion, states, “Small business finance has been ripe for change for decades. Having worked with SMEs to broker deals for years, we understand the challenges that hinder the industry. By combining technology with genuine expertise and access to top-tier lenders, we can provide a truly unique service.”