Servizi
Funding Circle Holdings plc
The transaction will be for a total cash consideration of £33m[1] [2], for the US business including all loan portfolios, which includes a £10m gain, before transaction costs. The proceeds from the transaction will be reviewed in line with our capital allocation framework.
Lisa Jacobs , Funding Circle CEO, said
IBF is a leading provider of lending solutions for banks and lenders of all sizes with a specialisation in SBA lending. The company is dedicated to streamlining the business lending process to allow lenders to efficiently deliver capital to small and medium-sized businesses. IBF has processed over $6 billion in SBA loans to date, and the team processes over 1,000 business loan applications through its platform daily. It is a wholly owned subsidiary of Ready Capital Corporation (NYSE: RC).
Justin Levy , IBF CEO, said
As the Ready Capital group already holds an SBLC license, Funding Circle has, with SBA consent, surrendered its SBLC license. The transaction is expected to close by the end of June.
Funding Circle will announce H1 2024 results on 5 September 2024 .
ir@fundingcircle.com
Tony Nicol
press@fundingcircle.com
Angeli Everitt
+44 (0) 20 3805 4822
Mike Smith / Stephen Malthouse
press@fundingcircle.com
Funding Circle (LSE: FCH) is the UK's leading SME lending platform. Its mission is to build the place where small businesses get the funding they need to win. Funding Circle enables small businesses to access funding – offering an unrivalled customer experience powered by data and technology. For institutional investors, Funding Circle provides access to an alternative asset class in an underserved market with robust and attractive returns. Globally, Funding Circle has extended more than £16bn in credit to c.150,000 businesses.
IBF is a leading provider of lending solutions for banks and lenders of all sizes with a specialisation in SBA lending. The company is dedicated to streamlining the business lending process to allow lenders to efficiently deliver capital to small and medium-sized businesses. IBF has processed over $6 billion in SBA loans to date, and the team processes over 1,000 business loan applications through its platform daily.
[1] Total cash consideration subject to net asset adjustment at closing.
[2] The Transaction constitutes a Class 2 transaction under the UK Listing Rules. Funding Circle US had gross assets of £89m as at 31 December 2023 . The US business contributed losses of £(23)m to the overall Group in 2023, although reported a statutory profit before tax of £7m for the year ended 31 December 2023 .
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