Funding Circle partners with Atom Bank

Friday 24 November 2023 08:48 CET | News

UK-based lending platform Funding Circle has partnered with Atom Bank to provide small and medium-sized enterprises (SMEs) with convenient access to funding. 

Through this lending partnership, Funding Circle and Atom Bank intend to support SMEs through the iteration of the Government-backed Recovery Loan Scheme (RLS) provided by Funding Circle, with its objective being to enhance access to finance for SMEs. Atom Bank is a returning investor in the Funding Circle platform. According to the information detailed in the press release, this collaboration is the third one between the two organisations and brings the bank’s total lending with the platform to approximately GBP 800 million.

UK-based lending platform Funding Circle has partnered with Atom Bank to provide GBP 150 million of funding to small and medium-sized enterprises (SMEs).

Funding Circle – Atom Bank partnership objective

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.

Atom Bank’s recent developments and collaborations

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.

Past announcements from Funding Circle

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.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, funding, financing , online platform, banks, financial services, SMEs, SME lending
Categories: Banking & Fintech
Companies: Atom Bank, Funding Circle
Countries: United Kingdom
This article is part of category

Banking & Fintech

Atom Bank


Funding Circle

Discover all the Company news on Atom Bank and other articles related to Atom Bank in The Paypers News, Reports, and insights on the payments and fintech industry: