Funding Circle to offer loans via Tungsten partnership
Funding Circle will soon offer its business loans to clients via a new partnership with invoice finance provider Tungsten.
The former peer-to-peer lending platform said that eligible Tungsten account holders will be able to seamlessly apply for a Funding Circle business loan directly from their Tungsten account in the near future.
“Like Tungsten, we focus exclusively on serving small and medium sized businesses,” said Funding Circle in a blog post.
“With our market-leading instant decision lending technology, we’re able to help businesses apply for finance in an average of just 10 minutes, and get a decision in as little as one hour.
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“Making our application form accessible on Tungsten’s platform means it’ll be even easier for businesses to access fast, affordable finance. We’re excited to start reaching more small businesses with this feature, and help them take their business further.”
Tungsten Network is a an AIM-listed electronic invoicing firm which provides supply-chain funding in markets such as the UK, Germany and the US. Like Funding Circle, it focuses on serving the small- and medium-sized enterprise (SME) market.
There has been some overlap between Tungsten and Funding Circle’s operations in the past. Sam Granger, Funding Circle’s co-head of capital markets, was formerly a vice president at Tungsten.
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