Funding Circle partners with Atom Bank

The partnership enables Atom Bank to leverage Funding Circle’s technology and distribution platform to launch funds that support UK SMEs and deploy capital for the economy. Moreover, the two organisations aim to help businesses in improving the management of their finances, while also fostering their growth in their communities. According to Funding Circle’s officials, the collaboration with Atom Bank intends to provide more SMEs with access to the financing they need. Furthermore, the RLS allows more businesses to receive funds, while also supporting the platform’s medium-term plan and allowing it to continue to extend its services of delivering loan returns for its investors.

Representatives from Atom Bank stated that the partnership aligns with the bank’s ongoing commitment to providing solutions to UK business owners. The bank’s main objective is to foster the growth of as many SMEs as possible while it scales its operations. By leveraging Funding Circle’s technology, Atom Bank can support its objectives and solidify its position in the banking sector. Funding Circle allows SMEs to access funding, with an improved customer experience enabled by data and technology. Business owners can complete an application and receive a decision almost immediately, while their funds can be transferred into their accounts within 24 hours. This functionality aids Atom Bank in helping more SMEs who require fast and simple access to finance. In addition to Atom Bank, Funding Circle’s platform is used by banks, asset management companies, insurance companies, government-backed entities, and funds.

With its operations launched in 2016, Atom Bank intends to enhance the borrowing and saving experience by making it faster, simpler, and providing better value. Recently, the bank announced that it raised GBP 100 million in equity supported by BBVA, Toscafund, and Infinity Investment Partners. The capital raise was intended to enable Atom Bank to expand its balance sheet and compete with other banks and digital participants in savings, business lending, and mortgage markets.

Moreover, at the end of September 2023, Atom Bank collaborated with Kamma to address the risks of climate change. The partnership allowed Kamma to provide analytics on Atom’s financed emissions, PCAF scoring, and climate credentials on pools of assets for securitisation. Furthermore, Kamma’s solutions were intended to provide Atom Bank with guidance supporting risk management, regulatory reporting, and green asset qualification.

In November 2023, Enfuce, a Finland-based card issuing and processing company, partnered with Funding Circle to deploy a new credit card for SMEs. By integrating the business credit card capability into its FlexiPay product, Funding Circle aimed to further expand its offering to serve more of its customers’ requirements, offering SMEs the flexibility to borrow, pay, and spend.

Additionally, in February 2023, Funding Circle joined forces with Sage to simplify financing for SMEs, allowing them to secure funding in a simple, secure, and convenient manner. The partnership also enabled companies to leverage the integration of Sage Accounting and Funding Circle’s API to apply for loans and manage their cash flow effectively.