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Funding Circle and Atom Bank agree new £150m lending partnership

The new funds brings Atom’s total lending with Funding Circle to around £800m

Lisa Jacobs Funding Cirlce CEO

Lisa Jacobs/Funding Circle

Funding Circle and Atom Bank have entered a new lending partnership to provide up to £150m in funding to small businesses.

App-based bank Atom has had a long-standing relationship with the SME lending platform as a returning investor, having previously lent around £650m through Funding Circle.

The new partnership will support small businesses through the most recent government-backed Recover Loan Scheme (RLS) offered by Funding Circle, aiming to help improve access to finance for SMEs.

“Access to finance remains crucial for small businesses, so we’re delighted to once again be partnering with Atom bank to help more SMEs get the funding they need to win,” Funding Circle CEO Lisa Jacobs said.

“The Recovery Loan Scheme is an important way for us to be able to say yes to more businesses in line with our medium-term plan, and we’re continuing to extend our track record of delivering robust and attractive loan returns for our investors, in spite of the changing economic environment.”

The bank will use Funding Circle’s technology and distribution platform to deliver the funds to UK businesses and deploy capital.

Chris Storey, Atom’s chief commercial officer, said the partnership is a “key part” of the bank’s commitment to UK business owners.

“We have an ambition to support as many SMEs as possible as we scale the bank, and continuing to leverage Funding Circle’s market leading tech provides us with a fantastic way to deliver on that ambition,” Storey said.

“We recently announced our first full year of operating profit, followed by a successful capital raise and securitisation, so Atom is in a particularly strong position to help those firms who may be struggling to access finance.”

Atom has been supporting businesses through the latest iteration of the RLS, and will look to help even more heading into next year, following a £100m capital raise at the start of the month.

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