Funding Circle and Deutsche Bank have extended their partnership to support UK small businesses through the renewal of a £200m forward flow agreement.
The UK-headquartered SME lender has renewed the £200m facility with Deutsche Bank, which it said reflects the success of Funding Circle’s core lending product and continued backing from institutional investors.
“Consistently renewing partnerships is an endorsement of the confidence that leading financial institutions have in our tech platform, credit assessment capabilities, and the attractive, stable returns we deliver for our funding partners,” said Dipesh Mehta, chief capital officer at Funding Circle.
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The FTSE-listed lender’s AI-powered credit model has provided more than £17bn in credit to over 125,000 UK businesses, it said.
“Deutsche Bank has been a partner on our platform for over a decade, and we’re delighted to renew another deal, which will provide vital access to finance for UK SMEs and funnel capital to the real economy to support job creation and economic growth,” added Mehta.
The announcement comes after Funding Circle reported a near sixfold increase in pre-tax profit to £20.3m in March, taking total profit for the year to £46m.
Read more: Funding Circle renews partnership with Waterfall AM and BNP Paribas
