Lisa Jacobs/Funding Circle
Embedded finance: Funding Circle strikes new lending partnership
UK listed small business lender Funding Circle's partnership with Pitney Bowes will give customers of the global shipping and mailing company access to financing arranged through the Funding Circle platform.
Funding Circle’s plans to embrace the embedded finance trend have taken a step forward.
The UK-listed small business lender has landed a new’ lending as a service’ partnership with global shipping and mailing company Pitney Bowes.
The deal comes through Funding Circle’s US operation.
Pitney Bowes, which provides technology, logistics, and financial service to companies, will offer small business term loans to its customers through the Funding Circle platform.
Online applications and loan origination is all carried out by Funding Circle with customers able to access funds in 48 hours.
“This lending as a service partnership showcases the strength of our machine learning and tech platform to help customers access funding in a simple and seamless way, he said.
“More than one third of business owners see an opportunity to grow the size of their business this year; yet, many remain hindered by a lack of access to capital to do so. We are committed to helping these businesses to unlock the finance they need to grow and power the economic recovery,” he added.
The number of small business loans approved by large banks has halved in just two years in the US, says Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services.
“Our partnership with Funding Circle will help business owners on Main Street get the working capital they desperately need to grow their business. In addition, it positions Pitney Bowes for long-term growth, as we create new value for our clients with new offerings.”