Santander UK forges alt-financing partnership with Crowdfunder

Banking giant Santander’s UK operation is partnering with alternative financing site Crowdfunder to provide £200,000 to community projects through the bank’s Changemaker Fund.

The bank claims the deal is the first between a UK high street bank and an equity crowdfunding platform.

Santander previously partnered with UK peer-to-peer lender Funding Circle to refer small business customers that were ineligible for the bank’s loans.

The new partnership will see Santander match funding of up to £10,000 for what it describes as “inspirational” community projects.

Crowdfunder managing director Phil Geraghty said, “The new partnership between Crowdfunder and Santander is a key milestone for the crowdfunding industry – opening up powerful networks and opportunities between the banking sector and the next generation of ’changemakers.’”

Copyright © 2016 FINTECH GLOBAL

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