Funding Circle renews PS300 million loan deal with TPG, Barclays
Funding Circle Holdings PLC on Wednesday said it has renewed a strategic partnership with TPG Angelo Gordon and Barclays PLC through a £300 million forward flow deal to support lending to small UK businesses.
The London-based lending platform focused on small and medium enterprises said the agreement will continue to fund its term loan product, which it said has delivered strong returns for investors. At June 30, Funding Circle had around £1.6 billion of forward funding in place from institutional backers, and last week announced another renewed commitment.
The company noted that its core term loan offering is complemented by products such as FlexiPay and its business credit card, expanding its suite of financial options for small and medium-sized enterprises.
Chief Capital Officer Dipesh Mehta said: ‘This renewed £300 million agreement with TPG Angelo Gordon and Barclays underlines the success of our core lending product. Renewals such as this reflect the confidence our partners have in our track record, proprietary technology and credit assessment capabilities.’
Sunil Kothari, head of European ABS at TPG Angelo Gordon, added: ‘We are excited to extend our partnership with Funding Circle to help drive well needed funding to UK SMEs.’
Shares in Funding Circle rose 2.5% to 124.00 pence each in London on Wednesday morning.
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