back Back

Atom & Funding Circle to provide £300 mn of new funding to SMBs

By Megha Bhattacharya

May 31, 2021

Share

Atom BankUK-based small business loan platform Funding Circle and Atom, the UK’s app-based bank, have announced a lending partnership that will provide £300 million of new funding to small businesses. With £350 million already lent through the Funding Circle platform, this latest commitment brings Atom’s total lending with Funding Circle to £650 million.

Lisa Jacobs, Europe Managing Director of Funding Circle, said, “We are excited that Atom bank has strengthened its commitment to supporting small businesses through our technology platform. Alongside a wide range of investors, it’s great to see Funding Circle’s machine learning and distribution capabilities being leveraged as a key solution towards increasing the flow of funding to the real economy, powering the economic recovery.”

According to Atom, it will utilise Funding Circle’s technology and distribution platform to deploy new funding to around 4,000 UK small businesses, continuing Atom’s support for UK SMEs. The partnership will support SMEs through Funding Circle’s Recovery Loan Scheme (RLS) product and existing loan product. Atom will lend through the platform alongside a wide range of investors, including banks, asset management companies, insurance companies, government-backed entities, individuals and funds.

Funding Circle’s Instant Decision Lending technology enables small businesses to apply for finance in an average of six minutes, with lending decisions in just nine seconds. This seamless functionality is helping Atom provide small businesses with fast and simple access to finance, allowing them to grow and power the economic recovery.

Edward Twiddy, Chief Customer Officer at Atom bank, said, “Ever since we started lending to UK SMEs in 2016 we have been committed to supporting business owners, most recently as a leading lender of broker-led secured loans via CBILS. We’re excited to be partnering with Funding Circle, leveraging their market-leading tech to continue our support for British Businesses. By the turn of this year we will have provided over £1bn of lending to UK SMEs alongside what is already £3bn of mortgage lending, making good on our promise to be the bank for those wanting to grow their own business and own their own home.”

Previous Article

May 28, 2021

Vesper Finance and Gauntlet partner for continuous on-chain risk management

Read More
Next Article

May 31, 2021

Circle raises $440 mn in financing to drive market expansion and growth

Read More






IBSi Daily News Analysis

May 28, 2024

Latin America becomes a hotbed for FinTech unicorns and tech innovation

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Engine by Starling integrates Ozone API into SaaS solution

Read More

May 28, 2024

Adyen partners with Italian restaurant group Vapiano

Read More

May 24, 2024

LGT taps Finastra to roll out instant payments services in Europe

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023