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Online SME lender Funding Circle acquires GBP 30 mln from British Business Investments

Monday 9 November 2020 13:35 CET | News

Funding Circle, an SME lender that facilitates loans in both the US and parts of Europe, has acquired GBP 30 million in capital from British Business Investments.

British Business Investments operates as a commercial subsidiary of the British Business Bank.

Funding Circle plans to use the funds by allocating them to UK-based small businesses via its SME Direct Lending Fund, which was launched in July 2019. The fund aims to give institutional investors access to SME loans. These investors may include pension funds, insurance firms and local authorities.

Funding Circle gained approval and accreditation in April 2020 for lending via the Coronavirus Business Interruption Loan Scheme (CBILS). The SME Direct Lending Fund was approved to expand or diversify its investment strategy by including the option to invest in CBILS loans.


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Keywords: SME, Funding Circle, British Business Investments, investment, lending
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
This article is part of category

Banking & Fintech