-

Customers Bank Selects Funding Circle To Power Small Business Lending

Customers Bank to deliver digital SMB lending experience directly to their small business customers nationwide

DENVER--(BUSINESS WIRE)--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.

Contacts

Media:
Ryan Metcalf
pr@fundingcircle.com

Funding Circle

LSE:FCH

Release Summary
Customers Bank to deliver digital SMB lending experience directly to their small business customers nationwide through Funding Circle.
Release Versions

Contacts

Media:
Ryan Metcalf
pr@fundingcircle.com

Social Media Profiles
More News From Funding Circle

Funding Circle Awarded “FinTech of the Year”

DENVER--(BUSINESS WIRE)--Funding Circle wins “FinTech of the Year” at 2023 US FinTech Awards....

Funding Circle U.S. Appoints Kos Joshi to Lead Embedded Finance & Partnerships

DENVER--(BUSINESS WIRE)--Former Goldman Sachs executive, Kos Joshi , sees big opportunity to serve more small businesses through new role at Funding Circle U.S....

U.S. Small Business Administration Grants Funding Circle 7(a) SBLC License

DENVER--(BUSINESS WIRE)--Funding Circle (LSE: FCH), the leading online platform for small business loans, announced today that we have received a formal notice from the US Small Business Administration (SBA) that our application has resulted in a tentative award for an SBA Small Business Lending Company (SBLC) license to participate in its flagship 7(a) small business loan program1. The SBA’s decision to grant Funding Circle one of the first SBLC licenses since 1982 is part of the Biden-Harris...
Back to Newsroom