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RCS - Funding Circle Hldgs - Further lending partnership with Varadero

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RNS Number : 8176Q  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 £400m 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 £400m 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 (mailto: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. £14
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 £7.2bn 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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