Funding Circle has entered into a partnership with Bayview Asset Management to deploy £ 700m of funding to small businesses in the UK.
The alternative lender said that the funding agreement would span 18 months, taking total new forward flow funding commitments to £ 2.4bn.
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The former peer-to-peer lending platform said the move would take total new forward flow funding commitments leveraging its platform to £ 2.4bn.
The partnership is intended to support UK businesses amid rising costs.
“Small businesses continue to face a wide range of opportunities and challenges; access to finance remains crucial to meeting these, ”said Lisa Jacobs, chief executive of Funding Circle.
“We’re delighted that Bayview Asset Management is joining the wide range of investors using our technology and distribution platform, ensuring the UK’s entrepreneurs can continue to invest, grow, and support local jobs.”
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Bayview is the latest investor to lend through Funding Circle’s platform, joining banks, asset management companies, insurance companies, government-backed entities, individuals and funds.
“We are excited to partner with Funding Circle to help small businesses achieve their goals,” said Carlos Prevolis, managing director and head of loan investment business at Bayview Asset Management.
“Funding Circle’s approach is a great match for Bayview’s deeply analytical approach to loan investments.”
Pre-tax profits at Funding Circle declined to £ 1.6m in the first of 2022, as government support for loan schemes in the UK came to an end.