The online peer-to-peer lender Funding Circle is to relaunch and expand its asset finance offering next month, Leasing Life has learned.
The online finance provider offers a matching service between investors and small and medium enterprise (SME) owners that allows investors to bid with the most attractive rates for loans.
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SME owners can take small loans from multiple lenders to invest in their businesses.
A source from Funding Circle said the business would ‘refine’ its offering but declined to comment further.
According to its website the firm said it has been a facilitator for nearly £340m (437.4m) worth of loans as of today, up from £70m worth of loans from January 2013.
In June this year Funding Circle and Spanish bank Santander entered into a partnership in the UK to refer customers to one another.
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By GlobalDataSantander loan rejection letters would contain a paragraph advising customers to try Funding Circle as an alternative, while Funding Circle would suggest customers try Santander if they require day-to-day relationship banking support or other banking services.
By Brian Cantwell
