Funding Circle and Deutsche Bank have extended their partnership to support UK small businesses through the renewal of a \u00a3200m forward flow agreement.<\/p>\n
The UK-headquartered SME lender has renewed the \u00a3200m facility with Deutsche Bank, which it said reflects the success of Funding Circle\u2019s core lending product and continued backing from institutional investors.<\/p>\n
\u201cConsistently 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,\u201d said Dipesh Mehta, chief capital officer at Funding Circle.<\/p>\n
Read more:\u00a0Funding Circle announces \u00a3300m deal with TPG Angelo Gordon and Barclays<\/a><\/p>\n The FTSE-listed lender\u2019s AI-powered credit model has provided more than \u00a317bn in credit to over 125,000 UK businesses, it said.<\/p>\n \u201cDeutsche Bank has been a partner on our platform for over a decade, and we\u2019re 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,\u201d added Mehta.<\/p>\n The announcement comes after Funding Circle reported a near sixfold increase in pre-tax profit to \u00a320.3m<\/a> in March, taking total profit for the year to \u00a346m.<\/p>\n