Funding Circle Holdings PLC Funding Circle announces GBP1bn lending partnership
May 19 2022 - 4:11AM
RNS Non-Regulatory
TIDMFCH
Funding Circle Holdings PLC
19 May 2022
Funding Circle and Waterfall Asset Management announce GBP1bn
lending partnership
-- The partnership will leverage the platform's machine learning
capabilities to deploy new funding to UK small businesses over a
two-year period
Funding Circle, the UK's largest small business loan platform,
and Waterfall, a leading institutional asset manager, today
announce a lending partnership that will provide GBP1bn of new
funding to small businesses.
The partnership leverages Funding Circle's technology and
distribution platform to deploy new funding to UK small businesses,
continuing Waterfall's support for UK SMEs.
More than a decade of investment and innovation in Funding
Circle's technology and data capabilities has created powerful
machine learning models. These provide Waterfall with a highly
efficient and cost-effective mechanism to deploy capital to the
real economy.
Funding Circle's market-leading and unparalleled instant
decision capabilities enable small businesses to apply for finance
in an average of six minutes, with lending decisions in as little
as nine seconds. This seamless functionality is helping provide
small businesses with fast and simple access to finance, allowing
them to grow and power the economy.
Waterfall will lend through the platform alongside a wide range
of investors, including banks, asset management companies,
insurance companies, government-backed entities, individuals and
funds.
Lisa Jacobs, CEO at Funding Circle said:
"We are proud of our four-year partnership with Waterfall which
will continue to provide tens of thousands of small businesses with
the finance they need to drive the post-pandemic recovery. It's
great to see a wide range of investors leveraging Funding Circle's
machine learning and technology capabilities to lend to SMEs at
both speed and scale."
Henrik Malmer, Managing Director at Waterfall, said:
"We are pleased to continue our partnership with Funding Circle
and to support SME lending in the UK. We have been impressed by
Funding Circle's resilience throughout the Covid crisis and believe
Funding Circle's platform and technology will be effective in
enabling investors to access this asset class and supporting
borrowers in the post-pandemic recovery."
Waterfall's initial GBP1bn investment in 2018 included multiple
securitisations. These public capital market transactions are
further recognition of the platform's ability to open up deep and
diverse pools of capital to small businesses, creating more choice
and competition in the small business lending market.
ENDS
For more information
press@fundingcircle.com / +44 (0) 203 667 2245
About Funding Circle
Funding Circle is the UK's largest loan platform for SMEs.
Founded in 2010, its market-leading and unparalleled instant
decision lending technology enables small businesses to apply for
finance in an average of six minutes, with lending decisions in as
little as nine seconds. A wide range of investors are utilising
this technology and distribution platform to lend c. GBP14 billion
to approximately 120,000 businesses globally. This is providing
small businesses with the fast and simple access finance they need
to grow and power the economy. In 2021, lending through Funding
Circle's UK platform is estimated to have contributed GBP7.2bn to
GDP and supported 100,000 jobs.
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END
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