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Innovate UK

Open banking platform dedicated to SMEs

Posted by: , Posted on: - Categories: Funding, Support

Taking first step towards small business open banking platform

Funda app
Funda app

In 2015, we received Innovate UK funding to search out new innovations in the SME lending market.

Fast forward one year, we have launched a free mobile app to help small business & the self-employed to manage their money across multiple accounts, a move designed to take the pain out of cash management for small businesses.

Filling the void banks don’t provide for SMEs

Banks are rarely available to small business - said Sonny Sood, founder of Funda.

When I started my own business 5 years ago, I was amazed at how little engagement there was with my business bankers.

We thought there must be a smarter way of helping SMEs be better with their money, whether it be in reducing costs or planning funding for the future.

Business owners usually tend to have multiple bank accounts, products and loans; thus needing to keep a close eye on their daily finances to ensure that they keep track of income, payments or opportunities to save money.

Aggregates different accounts and organises movements

FUNDA app connects directly to any bank products that you have and aggregates them, whether it’s your:

  • business account
  • credit card
  • savings account

It then quickly and securely reads your accounts and sorts the data into categories so you can see exactly where you spend or where your cash comes from.

It’s so much faster & cheaper than accounting software and empowers SMEs to take control of their business cash.

Freelance workers delivered an overall contribution to the UK Economy worth over £109bn (€128.8bn, $144.9bn) in 2015, said a report published by IPSE, the Association of Independent Professionals and the Self Employed.

How does it work? 

  1. Combines


We combine the transactions from your UK bank and credit card accounts into one real-time view.

  1. Sorts


We automatically sort your transactions into categories so you can easily understand how you spend.

  1. Reports


Easily download all of your transactions (60 categories) to share with your accountant or analyse.

  1. Insights


Smart technology helps you learn about your finance behaviours with trends & predictions so you can avoid problems before they occur.

  1. Marketplace


We help you save money & time by connecting you to customised offers across utilities, loans, insurance and savings.

How secure is it?

FUNDA never holds, touches or has access to your money because it is strictly read only using bank level and 2-factor security.

In order to open the app on an iOS mobile phone, it requires Touch ID or pin numbers. If customers decide to close their FUNDA account, all data is permanently deleted.

Take control

There are over 5.1 million SMEs that employ less than 9 people and banks have neglected these businesses for too long.

Research from Accenture, the IT consultancy, recently showed that “70% of small businesses seek business help from outside of their bank” and Funda is an intelligent app that solves these problems.

Sood hopes these mobile tools will help start-ups, self-employed and SMEs proactively think about their future cash position avoiding catastrophic financial situations.

If you leave cash management to someone else or ignore it, it can cause serious problems for your business.

Thinking daily about liquidity, security and income pushes SMEs into a more disciplined & profitable approach without the need for expensive advisors. It encourages you to take control of your money.

Most microbusinesses do not need expensive accounting software, it’s a waste as there are 3 million UK companies that are not even PAYE or VAT registered.

Ambition: become the first open banking platform dedicated to SMEs

FUNDA also has ambitions to become the first open banking platform dedicated to SMEs (2 years in advance of PSD2/XS2A directives).

Funda will initially be available to only 2,500 customers for beta-testing before a full launch early next year. We'd love to hear your thoughts on our app or simply chat about SME money, get in touch:

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