27 February 2024
The agreement will leverage Funding Circle’s data and technology driven platform to deploy up to £300m of funding to UK small businesses
● The agreement will leverage Funding Circle’s data and technology driven platform to deploy up to £300m of funding to UK small businesses
Funding Circle, the UK’s leading SME lending platform, today announces a new lending partnership with Barclays Bank (“Barclays”) and TPG Angelo Gordon that will provide £300m of funding to small businesses in the UK.
Barclays has been a financing provider on the Funding Circle platform and, since 2020, the bank has contributed towards supporting small businesses with over £1bn in lending. Alongside TPG Angelo Gordon, the ongoing and strengthened relationship with Barclays has culminated in this latest partnership, resulting in a direct investment to thousands of UK small businesses through the Funding Circle platform.
In turn, Funding Circle’s unparalleled machine learning capabilities — driven by over a decade of technology and data investment — will provide Barclays and TPG Angelo Gordon with a highly efficient and cost-effective mechanism to deploy capital to the UK economy.
Lisa Jacobs, CEO at Funding Circle said, “At Funding Circle, we pride ourselves in our technology and distribution platform and backing small businesses to get the funding they need to succeed. We're pleased to strengthen our relationship with Barclays and to welcome TPG Angelo Gordon as a lending partner. We will utilise the new funding to support small businesses to grow, create jobs, and power the UK economy.”
Dipesh Mehta, Co-Head of Global Capital Markets at Funding Circle said, “We are excited to announce this latest funding transaction with Barclays and TPG Angelo Gordon. With Barclays continuing their investment and TPG Angelo Gordon becoming another financing provider supporting our platform, this highlights our track record at meeting investor expectations, and this partnership forms a key part of our ongoing commitment to back small businesses in the UK.”
Sunil Kothari, Head of European ABS and Managing Director, Structured Credit & Specialty Finance at TPG Angelo Gordon added, “We are thrilled to enter into this partnership with Funding Circle and Barclays to help deliver funding to SMEs, which we believe are a cornerstone of the UK economy. This transaction is reflective of our team’s commitment to providing creative capital solutions in the specialty finance space, and we look forward to continuing to serve as a trusted partner to lending platforms like Funding Circle.”
ENDS
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About Funding Circle
Funding Circle 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 £16bn in loans to c.140,000 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.
