Funding Circle Holdings PLC Further lending partnership with Varadero
30 June 2022 - 7:15PM
RNS Non-Regulatory
TIDMFCH
Funding Circle Holdings PLC
30 June 2022
Funding Circle and Varadero announce further lending
partnership
-- The transaction will leverage Funding Circle's machine
learning capabilities to deploy up to GBP400m of funding to UK
small businesses
Funding Circle, the UK's largest small business loan platform,
and Varadero Capital ("Varadero"), a value-driven alternative
investment manager, today announce a follow-on transaction that
will provide up to GBP400m of funding to small businesses.
By leveraging Funding Circle's technology and distribution
platform, this partnership will see Varadero support thousands of
SMEs over an 18-month period. In turn, Funding Circle's powerful
machine learning models - driven by a decade of technology and data
investment - will provide Varadero with a highly efficient and
cost-effective mechanism to deploy capital to the real economy.
Funding Circle's market-leading and unparalleled instant
decision technology enables small businesses to apply for finance
in an average of six minutes, with lending decisions in as little
as nine seconds. This seamless functionality is helping provide
small businesses with fast and simple access to finance, allowing
them to grow, create jobs and power the economy.
Varadero is one of a wide range of investors - including banks,
asset management companies, insurance companies, government-backed
entities, individuals and funds - who are using the Funding Circle
platform to make a significant difference to small businesses in
every corner of the UK. Today's news builds on a previous lending
partnership between Varadero and Funding Circle.
Lisa Jacobs, CEO at Funding Circle said:
"It's great to see Varadero and Funding Circle's partnership
continue to strengthen. This further commitment will benefit
thousands of UK small businesses, who will use this funding to
grow, create jobs and invest in their communities. I'm proud such a
diverse range of investors see our technology and distribution
platform as an effective way to deploy capital into the real
economy."
Fernando Guerrero, Managing Partner and CIO at Varadero,
said:
"Varadero is pleased to broaden our collaboration with Funding
Circle to support SME lending in the UK. We have been impressed by
Funding Circle's operations and technology and look forward to
continuing our work together. Varadero has a successful history and
track record of supporting specialty finance companies in the U.S.
and Europe to access efficient funding, making them competitive in
their respective markets. This transaction represents another
milestone in the development of our European franchise."
ENDS
For more information
press@fundingcircle.com
Nicole Gregory: Senior Communications & Policy Manager:
07715997709
Jack Pritchett: Communications & Policy Manager : 07522
237268
About Funding Circle
Funding Circle is the UK's largest loan platform for SMEs.
Founded in 2010, its market-leading and unparalleled instant
decision lending technology enables small businesses to apply for
finance in an average of six minutes, with lending decisions in as
little as nine seconds. A wide range of investors are utilising
this technology and distribution platform to lend c. GBP14 billion
to approximately 120,000 businesses globally. This is providing
small businesses with the fast and simple access finance they need
to grow and power the economy. In 2021, lending through Funding
Circle's UK platform is estimated to have contributed GBP7.2bn to
GDP and supported 100,000 jobs.
About Varadero
Varadero Capital, L.P. ("Varadero") is a $2bn value driven
alternative credit manager focused on investing in asset-based
specialty finance and structured credit opportunities. Since its
inception in 2009, Varadero has deployed approximately $13 bn in
capital, navigating diverse credit markets and cycles while
generating a track record marked by capital preservation and
substantial upside capture. Varadero targets differentiated
investment opportunities in diverse asset classes including
commercial real estate, residential real estate, commercial
finance, consumer finance and corporate credit. Based in New York
with an office in London, Varadero is minority owned and a PRI
signatory.
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