Atom bank joins forces with Funding Circle to provide £150 million for UK SMEs, promoting cash flow and expansion.
A financing agreement between UK app-based bank Atom bank and UK SME lending platform capital Circle will provide small firms with up to £150 million in capital.
This third relationship between the two organizations will help SMEs by providing funding through Funding Circle’s government-backed Recovery Loan Scheme (RLS).
By utilizing Funding Circle’s technology and distribution network, Atom Bank will provide much-needed funding to UK small and medium-sized enterprises (SMEs), helping them to manage their cash flow and promote expansion.
Funding Circle makes capital available to small enterprises. SMEs can apply in six minutes, hear back in as little as nine seconds, and have money into their account the following day.
Lisa Jacobs, CEO of Funding Circle, says, “Access to finance remains crucial for small businesses, so we’re delighted to be partnering with Atom bank again to help more SMEs get the funding they need to win.”
“We are continuing to expand our track record of delivering healthy and attractive loan returns for our investors, despite the changing economic situation,” the company said. “The Recovery Loan Scheme is an important means for us to be able to say yes to more firms in line with our medium-term plan.”
Dedication to UK companies
“This partnership forms a key part of our ongoing commitment to UK business owners,” said Chris Storey, chief commercial officer of Atom bank. Maintaining our reliance on Funding Circle’s industry-leading technology gives us an excellent means of achieving our goal of helping as many SMEs as we can as we grow the bank.
“After a successful capital raise and securitization, we recently announced our first full year of operating profit, putting Atom in a strong position to assist those firms that might be having trouble obtaining financing.” We are excited to assist even more UK SMEs in investing and expanding in the upcoming year, having previously provided support to companies through the most recent version of the Recovery Loan Scheme.
