Online business finance marketplace Funding Options has launched in the Netherlands. The expansion by Funding Options is being done in partnership with ING Bank and is the company’s first foray outside the United Kingdom. Funding Options will now service the Netherlands’ 1.8 million SMEs gain access to finance alternatives.
Last year, Funding Options received a £5 million investment from ING Ventures, the VC subsidiary of the bank. The investment foreshadowed future partnerships.
Funding Options is one of the leading online business finance marketplaces in the UK. In the UK, SMEs may access credit from as little £1000 to £10 million on Funding Options. The company reports that over £100 million in finance is accessed via their platform in the UK each year. Funding Options has been selected by HM Treasury for the Bank Referral Scheme in the UK.
The Fintech explains that businesses who are not eligible for an ING finance product will be referred to Funding Options to see if alternative funding can be found for them from a panel of lenders. Even if a business is not an ING customer, Dutch SMEs may use the Funding Options service. Funding Options’ has hired Eugenie Casier as Head of Netherlands Operations.
Ryan Edwards-Pritchard, Managing Director, Funding Options, says that too often SMEs face challenges to accessing capital from mainstream lenders. Either they are too small, too young or simply do not meet the banks lending criteria. He says this challenge is not isolated to the UK:
“We’re very excited to launch in the Netherlands through this partnership with ING. This is a great example of the banks and fintechs working together for the benefit of customers. We look forward to supporting Dutch small businesses to access alternative funding and achieve their goals – just as we have already supported thousands of UK ones.”