Agreement reached with iBusiness Funding to acquire Funding Circle’s US business
Source: EQS
(“Funding Circle” or the “Company” or the “Group”) Completion of process to focus on Agreement reached with iBusiness Funding to acquire Funding Circle’s US business Further to the announcement on The transaction will be for a total cash consideration of Over the last decade, our US team has played a significant role in getting finance to America’s small businesses and I want to thank them for all the commitment that they have shown to our customers. We are pleased that in IBF, one of the leading SMB loan processors, we have found a partner that shares in our mission and we look forward to seeing the success of the combined entity in issuing SBA loans to businesses across the US.” 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 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
1 Total cash consideration subject to net asset adjustment at closing. 2 The Transaction constitutes a Class 2 transaction under the
Contacts: Funding Circle: Investor Relations ir@fundingcircle.com Media Relations press@fundingcircle.com
Headland Consultancy +44 (0) 20 3805 4822
About Funding Circle: 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 About iBusiness Funding: 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
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | GB00BG0TPX62 |
Category Code: | MSCH |
TIDM: | FCH |
LEI Code: | 2138003EK6UAINBBUS19 |
OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
Sequence No.: | 329888 |
EQS News ID: | 1931987 |
End of Announcement |
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