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     117  0 Kommentare Agreement reached with iBusiness Funding to acquire Funding Circle’s US business

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    • Agreement reached with iBusiness Funding to acquire Funding Circle’s US business
    • Focus on UK business with profitable growth, sale of US business for £33m
    • Funding Circle US team to join IBF, Ready Capital subsidiary, to accelerate support for US small businesses

    Funding Circle Plc (FCH)
    Agreement reached with iBusiness Funding to acquire Funding Circle’s US business

    25-Jun-2024 / 07:00 GMT/BST


    Funding Circle Holdings plc

    (“Funding Circle” or the “Company” or the “Group”)

    Completion of process to focus on UK business

    Agreement reached with iBusiness Funding to acquire Funding Circle’s US business

    Further to the announcement on 7 March 2024, Funding Circle today announces it has entered into an agreement for the sale of Funding Circle’s US business to iBusiness Funding, LLC (IBF).  

    The transaction will be for a total cash consideration of £33m1 2, for the US business including all loan portfolios, which includes a £10m gain, before transaction costs.  The proceeds from the transaction will be reviewed in line with our capital allocation framework.

    Lisa Jacobs, Funding Circle CEO, said: “In March, I announced that we were simplifying the business by exiting the US and focusing on profitable growth in the UK business. Alongside the UK restructuring actions announced in May, we are continuing to execute against this plan with the sale of the US business to IBF. The UK business is on track to be profitable in H2, in line with our guidance. Over the medium term we expect net income growth of 15-20% CAGR with PBT margins of >15%.

    Over the last decade, our US team has played a significant role in getting finance to America’s small businesses and I want to thank them for all the commitment that they have shown to our customers. We are pleased that in IBF, one of the leading SMB loan processors, we have found a partner that shares in our mission and we look forward to seeing the success of the combined entity in issuing SBA loans to businesses across the US.”

    IBF is a leading provider of lending solutions for banks and lenders of all sizes with a specialisation in SBA lending. The company is dedicated to streamlining the business lending process to allow lenders to efficiently deliver capital to small and medium-sized businesses. IBF has processed over $6 billion in SBA loans to date, and the team processes over 1,000 business loan applications through its platform daily. It is a wholly owned subsidiary of Ready Capital Corporation (NYSE: RC).

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    Agreement reached with iBusiness Funding to acquire Funding Circle’s US business Funding Circle Plc (FCH) Agreement reached with iBusiness Funding to acquire Funding Circle’s US business 25-Jun-2024 / 07:00 GMT/BST Funding Circle Holdings plc (“Funding Circle” or the “Company” or the “Group”) Completion of process to focus on UK …

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