23 November 2023

  • The agreement will leverage Funding Circle’s data and technology driven platform to deploy up to £150m of funding to UK small businesses

  • This is the third partnership with Atom bank, bringing total lending with Funding Circle to c.£800m

  • The announcement follows Atom’s £100m capital raise and enforces the bank’s commitment to UK SMEs

Funding Circle, the UK’s leading SME lending platform, and Atom bank, the UK’s first app-based bank, today announce a new lending partnership that will provide up to c.£150m of funding to small businesses.

Atom bank is a long-standing and returning investor in the Funding Circle platform. This latest commitment, the third partnership between the two organisations, brings Atom bank’s total lending with Funding Circle to c.£800m.

The new lending partnership will support SMEs through the latest iteration of the Government-backed Recovery Loan Scheme (RLS) offered by Funding Circle, which aims to help improve access to finance for SMEs.

Atom bank will harness Funding Circle’s powerful technology and distribution platform to deploy much-needed funds to support UK SMEs and deploy capital to the real economy; helping businesses manage their finances, grow and power their communities.

Access to finance remains crucial for small businesses, so we’re delighted to once again be partnering with Atom bank to help more SMEs get the funding they need to win. The Recovery Loan Scheme is an important way for us to be able to say yes to more businesses in line with our medium-term plan, and we’re continuing to extend our track record of delivering robust and attractive loan returns for our investors, in spite of the changing economic environment.

Lisa Jacobs, CEO at Funding Circle

We’re delighted to strengthen our long-standing relationship with Atom bank via this new lending partnership. We aim to build strong, long-lasting partnerships with our investors and repeat transactions are a testament to that. The partnership will help support more small businesses to access finance, and further demonstrates our track record at delivering robust and attractive investor returns in changing economic conditions.

Dipesh Mehta, Co-Head of Global Capital Markets at Funding Circle

This parnership forms a key part of our ongoing commitment to UK business owners. We have an ambition to suppport as many SMEs as possible as we scale the bank, and continuing to leverage Funding Circle's market leading tech provides us with a fantastic way to deliver on that ambition. 

We recently announced our first full year of operating profit, followed by a successful capital raise and securitisation, so Atom is in a particularly strong position to help those firms who may be struggling to access finance. We have been supporting businesses through the latest iteration of the Recovery Loan Scheme, so we look forward to now helping even more UK SMEs invest and grow as we move into the new year.

Chris Storey, Chief Commercial Officer at Atom bank

Funding Circle enables small businesses to access funding, offering a superior customer experience powered by data and technology. SMEs can complete an application in six minutes, receive a decision in as little as nine seconds, and have their funds in their account within 24 hours. This seamless functionality is allowing Atom bank to help more small businesses who need fast and simple access to finance. 

Atom bank is among a wide range of investors that have used Funding Circle's platform including banks, asset management companies, insurance companies, government-backed entities, and funds.


For more information:

Abigail Whittaker, press@fundingcircle.com 07989 876136

Robbie Steel, robbie.steel@atombank.co.uk 07943 784375

About Funding Circle:
Funding Circle (LSE: FCH) is the UK’s leading SME lending platform, with a material and growing presence in the US. Its mission is to build the place where small businesses get the funding they need to win.

Funding Circle enables small businesses to access funding – offering an unrivalled customer experience powered by data and technology.

For institutional investors, Funding Circle provides access to an alternative asset class in an underserved market, with robust and attractive returns.

Globally, Funding Circle has extended more than £16bn in credit to c.140,000 businesses.


About Atom bank:

Atom bank is the UK’s first app-based bank, on a mission to make the experience of borrowing and saving faster, simpler and better value than anyone else. 

The bank launched operations in April 2016, and offers award-winning mortgages and savings through its app, alongside secured business lending for small and medium-sized enterprises.

Based in the North East of England with a team of over 500 people, Atom is here to ​​change banking for the good, for the better, and for everyone. This means focusing on customers' needs, delivering better value than the incumbents, providing an exceptional app-based experience and offering award-winning customer support via phone, chat, email and social channels. The bank has some of the best customer service credentials in the UK, having achieved 5-star ratings on both the iOS and Android App Stores, and on Trustpilot, whilst consistently delivering Net Promoter Scores (NPS) in the high 80s.

Based in Durham, Atom is an engaged and active member of the North East Community. In 2022 Atom signed a five-year Memorandum of Understanding with Durham University to progress key research and diversity initiatives. The region has one of the highest levels of youth unemployment in the UK and Atom is passionate about addressing the critical digital skills gap and helping develop young people and other groups that are under-represented within the industry.

As of November 2021, all employees enjoy a four-day working week, after Atom became the largest company - and only bank - in Britain to introduce the policy for all employees, with no reduction in salary.

The Atom executive team are highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 30 years’ experience in the sector and was previously CEO at the multi- award-winning telephone and internet bank first direct. The team is supported by a strong non-exec board, chaired by Lee Rochford.