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.

FundOnion is aiming to help address the issue by allowing businesses to quickly compare the cost of loans from over 20 providers. The 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.

Ahead of this week’s official launch, the platform has already been used by moan more than 6000 UK businesses, with one loan being provided in just 19 minutes.

James Robson, CEO, FundOnion, says: “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.”