Funding Circle forms lending partnership with Bayview Asset Management
UK-based small business lending platform Funding Circle has signed a lending partnership worth £700 million with Florida-based Bayview Asset Management.
The partnership aims to support “thousands” of UK small and medium-sized enterprises (SMEs) through the provision of the £700 million funding over a period of 18 months. Bayview aims to leverage Funding Circle’s platform towards the disbursal of the funds.
Funding Circle claims its “instant decision lending” technology enables small businesses to apply for funding in an average of six minutes, with decisions taken in “as little as nine seconds”.
“Small businesses continue to face a wide range of opportunities and challenges; access to finance remains crucial to meeting these,” comments Lisa Jacobs, CEO at Funding Circle.
Jacobs adds the partnership with Bayview Asset Management will ensure “the UK’s entrepreneurs can continue to invest, grow and support local jobs”.
Founded in 2010, Funding Circle claims to have provided more than £14.5 billion in loans to 130,000 businesses across the world. Including this partnership, the total new forward flow funding commitments via Funding Circle’s platform stands at £2.4 billion.