LendingTree adds Funding Circle US to its network
Funding Circle US has partnered with LendingTree, meaning its products will now be available through the loan comparison site.
UK-headquartered Funding Circle is an online lender for business borrowers that launched in the US in 2013.
LendingTree is a comparison site for loans, credit cards, insurance and more, with a network of over 600 financial partners.
“LendingTree is thrilled to partner with Funding Circle to bring an affordable SBA alternative to our small business network,” said Greg Libon, vice president of sales at LendingTree. “We are confident adding Funding Circle’s products to our offering will provide our customers with access to flexible working capital solutions that fuel future growth, enabling entrepreneurs to achieve their business aspirations.”
The announcement follows research by the Bank for International Settlements (BIS) and the Federal Reserve Bank of Philadelphia that found Funding Circle is “increasing access to capital at a lower cost for small businesses who are less likely to receive credit from traditional banks…” and “predicting future loan performance more accurately than the conventional method to credit scoring, leading to better loan performance”.
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“We are delighted to partner with LendingTree to provide their business customers fast and affordable financing,” said Kristal Bergfield, head of strategic partnerships at Funding Circle US. “Funding Circle is dedicated to getting small business the funding they need to win by partnering with like-minded marketplaces like LendingTree, as well as other commercial loan brokers, financial institutions and companies that provide software and services to small businesses.”
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Since 2010, Funding Circle has lent $4.1bn (£3.5bn) to 40,000 small businesses in the US and $19.4bn to 130,000 small businesses globally.
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