ING invests £5m in UK lendtech Funding Options
ING has invested £5 million in Funding Options, a UK fintech company that offers a marketplace for lending to SMEs.
The investment gives ING a minority interest in the platform. This follows on from June, when ING chose to work with Funding Options to bring new features to customers across Europe.
In the latest development, Funding Options will use the new capital to develop its platform, increase the number of sales staff and expand internationally.
According to ING, Funding Options is one of the first platforms in the Netherlands where SMEs can obtain loans from different providers.
ING Ventures, ING’s investment arm that invests in fintech companies, is responsible for the investment.
The bank likes to splash the cash. Back in July, ING said it will invest €21 million in Irish payments platform TransferMate as they seek out more SME customers and corporate clients.