The collaboration aims to revolutionise credit decision-making for SMBs. Credit: LALAKA / Shutterstock.

British FinTech Lemon has collaborated with WiserFunding, a provider of alternative data for credit risk assessment to expedite credit decisions for small and medium-sized businesses (SMBs).

The collaboration aims to revolutionise credit decision-making for SMBs by integrating WiserFunding’s advanced data analytics into Lemon’s platform, significantly reducing the time required to pre-screen prospective borrowers.

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Credit decisions have conventionally taken up to six weeks. With Lemon and WiserFunding’s combined capabilities, this process can now be completed in only 24 hours.

WiserFunding’s alternative data allows Lemon to gain instant insights into borrowers, streamlining the credit underwriting process, particularly for SaaS [software as a service] deals.

This is a crucial advancement for SMBs, which often struggle to secure credit at the same rate as larger businesses.

WiserFunding growth head Rory McMahon said: “WiserFunding empowers companies to leverage alternative data, enabling more accurate and efficient credit underwriting. For Lemon, this means gaining instant insights into borrowers and pre-screening them before a bank even makes a lending decision.

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“Together, our new approach will help to reduce the resources required by lenders and allow Lemon to reach a lending decision much faster. It’s a huge step forward to helping to unlock much-needed financing into SMBs and the use-case of it being built specifically for SaaS is really powerful.”

Following a pre-seed funding round of £500,000 earlier this year, Lemon is advancing towards its objective of assisting SMBs in managing their SaaS spending.

The funding round was led by SFC Capital, Pitchdrive, and SyndicateRoom, and supported by notable angel investors such as Nick Dodd and Kimberley Waldron.

Lemon CEO Matt Bird said: “Partnering with WiserFunding marks a significant step forward for Lemon. They provide the perfect solution for our needs, backed by a highly engaged team and an intuitive, streamlined product with exceptional features.

“This exciting collaboration equips Lemon with the high-quality data essential for achieving our goals and will deliver tangible benefits to our users, enhancing their ability to unlock SaaS savings and access tailored, cost-saving credit.”