Funding Circle receives £230m credit facility from Citi
Funding Circle has secured a £230m credit facility from Citi to support the growth of its flexible payment product, FlexiPay, which recently surpassed £1bn in credit extended.
FlexiPay tripled its revenue and doubled transactions in full-year 2024, bringing Funding Circle’s total credit extended to more than approximately £15bn among 110,000 UK SMEs.
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The SME finance platform will also use the renewed funding facility to support its business credit card, which launched in September 2024.
FlexiPay and its business credit card have broadened the UK platform’s financial solutions offering to SMEs, sitting alongside its more established term loan offerings.
“This £230m credit facility further enhances our ability to support SMEs across the UK with flexible funding solutions,” said Dipesh Mehta, chief capital officer at Funding Circle.
“At Funding Circle we are driven by our mission to support the financial empowerment and growth of small businesses, which are the backbone of the UK economy.”
Funding Circle returned to profitability in 2024, reporting a profit of £3.4m, following a pre-tax loss of £9.9m in 2023, while revenues grew by 23 per cent to £160m in 2024.
This year, Funding Circle expanded its partnership with US-based Bayview Asset Management for its term lending product, taking the total funding provided by the investment manager via the UK platform to in excess of £1bn. The two credit facilities will be backed by JP Morgan and Citi.
