Customers Bank Selects Funding Circle To Power Small Business Lending
13 Novembro 2023 - 11:00AM
Business Wire
Customers Bank to deliver digital SMB lending
experience directly to their small business customers
nationwide
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231113198120/en/
Media: Ryan Metcalf pr@fundingcircle.com
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