Funding Circle (LSE: FCH), the online lending platform for small businesses, today announced Customers Bank is expanding its digital SMB lending capabilities through Funding Circle’s embedded Lending as a Service (LaaS) platform.
The agreement allows Customers Bank to embed Funding Circle’s end-to-end digital lending platform in its product suite and marketing assets. The platform handles all elements of offering a loan, allowing Customers Bank to provide its small business customers seamless access to affordable term loans up to $500,000 in as quickly as 48 hours.
“We are excited to partner with Customers Bank, who are well known for their customer-centric innovation to help more small businesses access the capital that they need to win,” said Kos Joshi, Head of Embedded Finance and Partnerships at Funding Circle U.S. “Our flexible embedded platform enables banks to offer their customers a fully-integrated, digital lending experience without the cost-prohibitive investment and resources required to build or buy their own platform and the option to invest in an alternative asset class that delivers robust and attractive returns.”
“As a midsize bank, we are committed to supporting the growth and success of local businesses,” said Marc Rehberger, SVP, Sr. Managing Director, Head of Tech Enabled Banking at Customers Bank. “By working with Funding Circle, we are able to expand our lending capabilities and offer our customers a wider range of financing options. We look forward to helping our small business customers succeed.”
This exciting partnership follows a historic announcement by the U.S. Small Business Administration that it has granted Funding Circle a license to offer SBA 7(a) small business loans nationwide which will be available through Funding Circle in early 2024.
About Funding Circle US
Funding Circle (LSE: FCH) is the online lending platform for small businesses. Since 2010, Funding Circle has originated $4.5 billion to 45,000 small businesses in the U.S. and $21.1 billion to 143,300 small businesses globally.
Other recently launched partnerships include Pitney Bowes (NYSE:PBI), DreamSpring, Affinity Plus Credit Union, Farm Bureau Bank, and Nationwide.
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