Funding Circle has reported “great results” from working with its embedded finance partners and is aiming for additional partnerships this year.
The platform, which left the peer-to-peer lending space last month, launched its first embedded finance solution in December. This allows borrowers to apply for its loans up to the value of £500,000 through a series of partner websites. Business finance platforms Funding Options and Capitalise were the first partners to add the API to their websites.
Funding Circle said its strategic partnerships team finds, builds and launches the embedded lending partnerships and also provides feedback to the strategy, product and engineering team on the API behind the partnerships.
The team is made up of three strategic partnerships managers, Alex Austin, Daniel Bondzie and manager Fran Warrington, and is also currently recruiting two new relationship managers to help it expand.
This year, the team is planning to catch up with many of its partners at an API launch event they are hosting in May and said it is “looking forward” to working with new partners.
The team added that there are lots of “more exciting developments” this year, such as the expansion to the platform’s instant decision tool and new Funding Circle products.
“We were really excited to launch our embedded lending API in fourth quarter 2021, and are already seeing some great results in working with our first launch partners,” Fran Warrington, head of strategic partnerships at Funding Circle, said in a blog on the firm’s website.
“2022 promises to be just as rewarding, and we look forward to announcing further partnerships that will provide seamless application journeys in our partner’s environments to help their customers get the funds they need to win.”
Last month, Lisa Jacobs, chief executive of Funding Circle UK, said that the platform is planning to focus on embedded finance going forward.