Simon Cureton has been appointed as Funding Options interim chief executive to lead a growth strategy which includes international expansion.
This will build on the company’s innovations and around Open Banking as well as its recent expansion to the Netherlands.
Cureton was previously commercial director and will be in charge of implementing a new organisational structure for the business.
He is taking over from the founder of Funding Options’ Conrad Ford who stepped down as chief executive last month.
As part of the expansion drive Funding Options looks to offer services beyond lending to credit cards and wider business services.
Cureton said: “It’s an incredible time for Funding Options as we embark on the next stage of our journey towards becoming Europe’s prime fintech for small and medium business services. We are seeing accelerated growth and a desire from our customers to help them at all stages in their journey, not just when they need funding.”
The company provides comparisons across a panel of more than 70 active lenders. Through this business customers are loaned more than £100m every year.
Funding Options is one of the winners of Nesta’s Open Up Challenge for Open Banking and has been designated by HM Treasury for the Bank Referral Scheme to help UK businesses find alternative finance when they do not receive it with the major banks.
The company is one of the first finance providers to arrange small business loans using customer data provided through Open Banking. This can reduce funding timescales to 90 minutes from application through to approval.
Non-executive chairman of Funding Options Nick Ogden said: “In this time of growth and with huge opportunity of Open Banking ahead of us, we are investing in radical innovation and new business models to move from start-up to scale-up. We are therefore delighted to announce that Simon Cureton has been appointed to lead the business to the next level.”