Funding Circle, the UK’s leading SME lending platform, and Atom bank, the UK’s first app-based bank, have announced a groundbreaking partnership.
Funding Circle is renowned for its data-driven technology platform, specializing in SME lending, while Atom bank stands out as a digital-first financial institution dedicated to innovative banking solutions.
The essence of this partnership lies in deploying up to £150m to bolster UK small businesses, a strategic move especially significant in the current economic climate. This collaboration marks the third between the two companies, elevating Atom bank’s cumulative lending through Funding Circle to approximately £800m.
Delving into the specifics, Funding Circle plays a pivotal role in SME finance, offering a streamlined lending process and quick access to funds. Its cutting-edge technology and customer-focused approach have positioned it as a frontrunner in the SME lending space.
On the other hand, Atom bank, a trailblazer in digital banking, offers a range of financial products and services, all operated through its user-friendly app. The bank’s commitment to innovation and customer experience is evident in its continuous growth and recent £100m capital raise.
This new lending partnership is particularly focused on the Government-backed Recovery Loan Scheme (RLS), facilitated by Funding Circle. Atom bank’s utilization of Funding Circle’s platform aims to inject vital funds into the SME sector, thereby aiding in financial management, growth, and community empowerment.
Lisa Jacobs, CEO at Funding Circle, emphasized the importance of this partnership: “Access to finance remains crucial for small businesses, so we’re delighted to once again be partnering with Atom bank to help more SMEs get the funding they need to win. The Recovery Loan Scheme is an important way for us to be able to say yes to more businesses in line with our medium-term plan, and we’re continuing to extend our track record of delivering robust and attractive loan returns for our investors, in spite of the changing economic environment.”
Chris Storey, Chief Commercial Officer at Atom bank, also highlighted the significance of this collaboration: “This partnership forms a key part of our ongoing commitment to UK business owners. We have an ambition to support as many SMEs as possible as we scale the bank, and continuing to leverage Funding Circle’s market leading tech provides us with a fantastic way to deliver on that ambition.”
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