Barclays leads Funding Xchange funding round

Barclays has led a Series B funding round into UK fintech Funding Xchange (FXE).

The exact size of the investment was not announced.

The company provides “white label” solutions for banks and lenders in the UK. These are solutions produced by one company that other companies rebrand to make it appear as if they have made it.

The companies said that the new funds would be used for bringing together strategic investors and to accelerate FXE’s ability to drive ecosystem adoption of its digital tools.

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.”

The news follows Barclays forking out £600 million to acquire ‘most of’ Tesco Bank in a deal worth around £600 million back in February.

Barclays said the deal would be beneficial due to the retail bank having a “broadly similar” customer base, and that it would help build on existing strategic partnerships.

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