25 July 2023
Today, the UK’s largest lending platform for small businesses, Funding Circle, announces a new partnership with Rainbow Energy, which is helping small businesses get the infrastructure in place to make the switch to clean energy.
The partnership will enable small businesses to put a Funding Circle loan towards installing high-quality solar panels and battery storage systems through Rainbow. By making the switch to clean energy, small businesses will minimise ongoing energy costs, while contributing towards meeting societal Net Zero.
Energy prices have risen to unprecedented levels and are expected to remain high through the rest of the year and into the winter. Rainbow is empowering customers to take control of their energy supply and become their own provider. The plummeting prices of solar panels, down by over 60 percent since 2010,* combined with the surge in energy bills, make solar installations cost-effective typically within seven years.**
Funding Circle specialises in supporting businesses through its innovative technology, and the partnership with Rainbow will mean small businesses can experience fast and easy access to funding in order to invest in solar panels and battery storage. With its market-leading instant decision lending technology, to date, Funding Circle has helped over 135,000 businesses globally access more than £15 billion.
Alexander Allen, UK Managing Director at Funding Circle said, “At Funding Circle, our mission is to help more small businesses get the funding they need to win, and we’re always looking for new and innovative ways to do this. This partnership is an exciting opportunity for Rainbow small business customers to apply quickly and easily for a Funding Circle business loan in order to make the switch to solar energy.”
Andrew Mullinger, CEO at Rainbow Energy said, “We’re really excited to partner with Funding Circle, the company I co-founded to serve small businesses after the financial crisis in 2008. Since the energy crisis began last year, Rainbow has been helping small businesses to take control of their energy supply, and with it, the ongoing cost. This collaboration makes it easier than ever for businesses to improve their energy efficiency, reduce costs and pave the way for a sustainable energy future.”
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Notes to editor
* Gov.UK Solar photovoltaic (PV) cost data
** Based on historic electricity price inflation, which has typically been ~7% year-on-year, and the generation capacity of the solar panels installed, including allowing for degradation.
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.
About Rainbow Energy
Rainbow Energy is helping households and small businesses to decarbonise and become their own energy provider by installing clean energy assets, such as solar panels, battery storage systems and electric vehicle chargers. Driven by the urgency of the climate crisis and the escalating costs of traditional energy sources, Rainbow is committed to accelerating mass adoption of clean energy and advancing the necessary technology to fuel this revolution. Making the switch to clean energy allows customers to minimise their ongoing energy costs and carbon footprint. By combining significant financial expertise, with sustainability and installation experience, Rainbow is unlocking the renewable installation market, paving the way for mass adoption among households and small businesses.