Atom financial institution has agreed to lend an extra £150m by Funding Circle to UK small companies.
That is the third partnership between the challenger financial institution and the choice lender, bringing Atom financial institution’s whole lending with Funding Circle to £800m.
The funds will likely be lent by the most recent iteration of the government-backed restoration mortgage scheme (RLS) supplied by Funding Circle.
Learn extra: Who’s providing the RLS?
“Entry to finance stays essential for small companies, so we’re delighted to as soon as once more be partnering with Atom financial institution to assist extra SMEs get the funding they should win,” mentioned Lisa Jacobs (pictured), chief government at Funding Circle.
“The RLS is a vital method for us to have the ability to say sure to extra companies consistent with our medium-term plan, and we’re persevering with to increase our observe file of delivering sturdy and engaging mortgage returns for our buyers, regardless of the altering financial setting.”
The announcement follows Atom financial institution’s £100m fairness elevate initially of this month from long-term shareholders, to speed up its lending.
“This partnership kinds a key a part of our ongoing dedication to UK enterprise house owners. We’ve an ambition to help as many SMEs as doable as we scale the financial institution, and persevering with to leverage Funding Circle’s market main tech supplies us with a incredible approach to ship on that ambition,” mentioned Chris Storey, chief industrial officer at Atom financial institution.
Learn extra: Funding Circle requests private ensures on RLS loans
“We not too long ago introduced our first full 12 months of working revenue, adopted by a profitable capital elevate and securitisation, so Atom is in a very sturdy place to assist these companies who could also be struggling to entry finance. We’ve been supporting companies by the most recent iteration of the RLS, so we stay up for now serving to much more UK SMEs make investments and develop as we transfer into the brand new 12 months.”
Atom financial institution is amongst a spread of buyers which have used Funding Circle’s platform together with banks, asset administration corporations, insurance coverage corporations, government-backed entities, and funds.