Funding Circle US partners with Pitney Bowes
Funding Circle US will now offer business loans to Pitney Bowes customers, thanks to a new partnership.
As part of the pilot programme, the global shipping and mailing company that provides technology, logistics, and financial services, will offer Funding Circle’s small business term loans to its customers.
Pitney Bowes said its customers will benefit from Funding Circle’s streamlined online application and loan origination process with market competitive rates, accessing loans in as little as 48 hours.
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“We share a common mission with Pitney Bowes to break down barriers and help make access to finance easier for all small and midsize business,” said Vipul Chhabra, managing director of Funding Circle US.
“This lending as a service partnership showcases the strength of our machine learning and tech platform to help customers access funding in a simple and seamless way.
“More than one third of business owners see an opportunity to grow the size of their business this year; yet, many remain hindered by a lack of access to capital to do so. We are committed to helping these businesses to unlock the finance they need to grow and power the economic recovery.”
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“America’s 32.5 million small businesses are the driving force behind our economy, but the number of small business loans approved by large banks has halved in just two years,” said Christopher Johnson, president of Pitney Bowes Financial Services.
“Our partnership with Funding Circle will help business owners on Main Street get the working capital they desperately need to grow their business. In addition, it positions Pitney Bowes for long-term growth, as we create new value for our clients with new offerings.”
Funding Circle UK permanently shut down its retail peer-to-peer lending business last month.
Lisa Jacobs, chief executive of Funding Circle UK, said the platform is planning to focus on embedded finance , its buy-now-pay-later flexible payment facility and its API lending as a service in the US.
In February, Funding Circle US partnered with American insurer Nationwide to expand access to finance and resources for small and medium sized businesses in the country.