(Alliance News) - Funding Circle Holdings PLC on Thursday announced a lending partnership with New York-based Waterfall Asset Management LLC.
"The partnership will leverage the platform's machine learning capabilities to deploy new funding to UK small businesses over a two-year period," Funding Circle explained.
The London-based commercial lender said the sum of funding to new businesses amounts to GBP1 billion. The two firms entered into a strategic partnership in December 2018.
Henrik Malmer, managing director at Waterfall, added his company believes in regard to small and medium enterprise lending that the "Funding Circle's platform and technology will be effective in enabling investors to access this asset class and supporting borrowers in the post-pandemic recovery."
Funding Circle shares were 7.6% lower at 57.00 pence each in London on Thursday afternoon.
By Tom Budszus; tombudszus@alliancenews.com
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Funding Circle (FCH)