23 September 2022
- The partnership will leverage Funding Circle’s data and technology driven platform to deploy £700m of funding to UK small businesses
- This takes the total new forward flow funding commitments leveraging Funding Circle’s platform to £2.4bn
Funding Circle, the UK’s largest small business lending platform, and Bayview Asset Management (‘Bayview’), an investment management firm headquartered in Coral Gables, Florida, today announce a lending partnership that is targeting the provision of £700m funding to small businesses over an 18 month period.
This partnership will see Bayview support thousands of UK SMEs by leveraging Funding Circle’s technology and distribution platform. Funding Circle’s powerful credit models — driven by a decade of technology and data investment — will provide Bayview with a highly efficient and cost-effective mechanism to deploy capital to the real economy.
Funding Circle’s market-leading and unparalleled instant decision lending (‘IDL’) technology enables 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, create jobs and power the economy.
Bayview, through its managed funds, joins a diverse group of lending investors using Funding Circle’s platform, including banks, asset management companies, insurance companies, government-backed entities, individuals and funds. Including today’s announcement, four of these lending investors have committed up to £2.4bn of vital funding to support UK SMEs, and the UK economy.
“Small businesses continue to face a wide range of opportunities and challenges; access to finance remains crucial to meeting these. We’re delighted that Bayview Asset Management is joining the wide range of investors using our technology and distribution platform, ensuring the UK’s entrepreneurs can continue to invest, grow, and support local jobs”.
Lisa Jacobs
CEO at Funding Circle
“We are excited to partner with Funding Circle to help small businesses achieve their goals. Funding Circle’s approach is a great match for Bayview’s deeply analytical approach to loan investments”
Carlos Prevolis
Managing Director and head of loan investment business, Bayview Asset Management
“Bayview has been supporting alternative finance providers in the U.S. and Europe to access efficient funding and provide innovative financing solutions to businesses and consumers. We look forward to working with Funding Circle to empower SMEs across the UK."
Zhu Gong
European structured credit, Bayview Asset Management
ENDS
For more information
Jack Pritchett: Communications & Policy Manager: 07522 237268
About Funding Circle
Funding Circle (LSE: FCH) is a lending platform for small business 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 provided £14.5bn in loans to c.130,000 businesses.
For small business borrowers, Funding Circle provides a leading-edge customer experience, delivered through its technology, machine learning, and data science, coupled with a human touch. Its solutions continue to help customers access the funding they need to succeed.
For lending investors, Funding Circle provides access to an alternative asset class in an underserved market, and delivers robust and attractive returns.
About Bayview Asset Management
Bayview Asset Management, LLC is an investment management firm focused on investments in mortgage and consumer credit, including whole loans, asset backed securities, mortgage servicing rights, and other credit-related assets.