15 June 2023
The UK’s largest small business lending platform, Funding Circle, has made its new product, FlexiPay, available for brokers to offer their clients who currently have a Funding Circle business loan. The launch of FlexiPay means small business borrowers can now also borrow, pay and spend with Funding Circle.
FlexiPay is a revolving line of credit that allows borrowers to spread the cost of a huge variety of business expenses, helping SMEs to manage their cashflow. The product solves a significant pain point for SMEs; 67% of small businesses say cashflow is their biggest issue.
Borrowers simply enter the account details of the bill or invoice they’d like to pay within their FlexiPay account, and Funding Circle pays it on their behalf. Borrowers then repay in three equal monthly instalments. Once repayments have been made, the credit is then available to use again.
Funding Circle is committed to helping more small businesses get the funding they need to win, including through its relationships with brokers across the UK. Introducing FlexiPay to Funding Circle’s product offering gives businesses access to short-term finance when they need it and with no commitment. In 2022, FlexiPay had already been used for more than 20,000 transactions totalling ~£60m in spend, and it has continued to grow since.
Matt Barton, Sales Director at Funding Circle, said: “We’re excited to make FlexiPay available for our brokers to offer their clients who have a business loan with us. This means SMEs can now not only borrow, but pay and spend with Funding Circle too. When talking to our brokers and to small businesses, we know how important a short-term, line of credit product is to help businesses manage their cashflow. We’re seeing strong demand for FlexiPay and many first-time users now regularly use the product to help them spread the cost of invoices or payments.”
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About Funding Circle
Funding Circle (LSE: FCH) is a lending platform for SME borrowers. Established in the UK in 2010, and now the leading lending platform to SMEs, the Group also has a material and growing presence in the US. Globally, Funding Circle has extended more than £15bn in credit to c.135,000 businesses.
For SME borrowers, Funding Circle provides an unrivalled customer experience, delivered through its technology and data, coupled with a human touch. Its solutions continue to help customers access the funding they need to succeed. For institutional investors, Funding Circle provides access to an alternative asset class in an underserved market, and delivers robust and attractive returns.
