Funding Circle launches cashback business credit card
Funding Circle has launched a cashback card enabling small businesses to earn 2 per cent cashback on purchases for the first six months, up to £2,000.
Funding Circle Cashback Business Credit Card then offers 1 per cent unlimited cashback after the initial welcome period.
The product allows customers to repay in full or through part-payments and earn cashback on every transaction that they make on the card, which has a credit limit of up to £250,000.
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Earlier this year, Funding Circle sold its US business to iBusiness Funding in a deal worth £33m after its annual results showed a wider loss on a group level despite a “strong profit” in UK loans.
It reported recently that it is set to become profitable by the end of the year, following a bump in the value of its originations during the first six months of 2024.
The platform now enables businesses to borrow for long-term investment purposes, pay later with FlexiPay, its flexible line of credit for spreading the cost of bills and supplier invoices, and now to spend on the new card.
Read more: Funding Circle sells US arm for £33m to focus on UK
“We know that SMEs are already using credit cards and overdrafts to finance a wide range of spending, and we want to offer them a product that could give them even more,” said Jerome Fernandez, managing director at FlexiPay, Funding Circle. “That’s why we’ve launched the Cashback Business Credit Card, rewarding them with market-leading cashback for their spending, whether that’s for large items or everyday costs.”
Since Funding Circle was founded in 2010, it has extended £13.6bn in credit to more than 103,000 small businesses in the UK.
Term loan originations grew by 47 per cent year-on-year (YoY) in H1 2024 and FlexiPay transactions increased by 151 per cent YoY, with more than half a billion in transactions to date.
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