Funding Circle partners with Sage
Funding Circle has partnered with accounting technology provider Sage to make it simpler for small businesses to secure funding.
The deal means Funding Circle’s small business lending platform is now connected with Sage via API.
Sage customers that are limited companies will be able to apply for loans through the Funding Circle API, with decisions made in minutes.
Initially launching in the UK, small businesses using Sage Accounting software will be able to apply for business loans ranging from £10,000 to £500,000, with the option to repay the loan over a period of six months to six years.
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They will also have access to Funding Circle’s FlexiPay product, which is an interest-free line of credit that helps small businesses manage their cash flow.
More than 130,000 businesses in the UK and US currently access more than £14.5bn through Funding Circle, while Sage serves more than one million customers globally.
Additionally, Funding Circle and Sage intend to develop the partnership with the ambition to expand internationally, including in the US where Funding Circle has a growing presence as a small business lending provider.
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“We are proud to team up with Sage and launch another partnership via our API, increasing access to funding for more small businesses in the UK,” said Funding Circle UK managing director Alexander Allen.
“We’re really looking forward to building our relationship with Sage and its customers, with the potential to expand into the US in the future too.”
“Our partnership with Funding Circle is exciting as it simplifies access to loans and funding for SMBs so they can focus on running their businesses, freeing up their time to deliver for their customers,” added Sage executive vice president of product Neal Watkins.
“Managing cash flow can be a source of anxiety for customers and this partnership will relieve that stress by reducing waiting time on loan decisions and giving SMB owners peace of mind.”
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