FundOnion has officially launched its AI-backed business finance comparison site for small business loans.

The FundOnion comparison site allows businesses to quickly compare the cost of business loans from over 20 providers and secure funding in a faster and more transparent way.

A recent report by the Bank of England has estimated that one in four small businesses that apply to banks for loans are rejected, leading to an estimated £22 billion funding gap in the UK. Combined with an application process that is time consuming and opaque, alongside a return to higher interest rates, there is a clear need for businesses to have clarity of the funding options available to them.

Founded in 2020, FundOnion is tackling both challenges in finding funding and securing fair rates for business loans. The comparison site uses AI to estimate a firm’s borrowing capabilities and the best rates, before being referred to an SME finance expert within the team to finalise details for the funding. This world first approach to business finance has led to an unheard-of pace of delivery, with FundOnion’s fastest loan being provided in just 19 minutes.

By working with a range of lenders and facilitating large numbers of loans, FundOnion is able to offer interest rates and loan terms unavailable elsewhere in the market. This has already proved popular, with over 6,000 small firms searching for half a billion pounds of finance on the platform to date.

The business was founded by a team with significant experience in providing funding for small businesses, who had each seen the gap that existed for SMEs searching for growth and consolidating finance. James Robson, the CEO and Neil Cassule, the CCO, were both finance brokers at the coal face of SME loans, while CTO Tim Plummer has previously worked at big names such as Funding Circle to tackle the SME funding gap.

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FundOnion CEO and co-founder, James Robson commented: “Small business finance has been ripe for change for decades and having worked with SMEs broking deals for years previously, we know the issues that hold the industry back. Blending technology with real expertise and access to top tier lenders means that we can offer a service that is completely unique. I am proud to say that we genuinely offer the best place for businesses to compare, research, and apply for loans online.

“Crucially, our product allows business owners to scan the market and to have a fully digital experience when securing finance. This helps us achieve our goal of making the process as transparent as possible, taking away stress, and providing opportunities for business founders.”