Funding Circle Holdings PLC Further lending partnership with Varadero

TIDMFCH

Funding Circle Holdings PLC

30 June 2022

Funding Circle and Varadero announce further lending partnership

-- The transaction will leverage Funding Circle's machine learning capabilities to deploy up to GBP400m of funding to UK small businesses

Funding Circle, the UK's largest small business loan platform, and Varadero Capital ("Varadero"), a value-driven alternative investment manager, today announce a follow-on transaction that will provide up to GBP400m of funding to small businesses.

By leveraging Funding Circle's technology and distribution platform, this partnership will see Varadero support thousands of SMEs over an 18-month period. In turn, Funding Circle's powerful machine learning models - driven by a decade of technology and data investment - will provide Varadero with a highly efficient and cost-effective mechanism to deploy capital to the real economy.

Funding Circle's market-leading and unparalleled instant decision technology enables small businesses to apply for finance in an average of six minutes, with lending decisions in as little as nine seconds. This seamless functionality is helping provide small businesses with fast and simple access to finance, allowing them to grow, create jobs and power the economy.

Varadero is one of a wide range of investors - including banks, asset management companies, insurance companies, government-backed entities, individuals and funds - who are using the Funding Circle platform to make a significant difference to small businesses in every corner of the UK. Today's news builds on a previous lending partnership between Varadero and Funding Circle.

Lisa Jacobs, CEO at Funding Circle said:

"It's great to see Varadero and Funding Circle's partnership continue to strengthen. This further commitment will benefit thousands of UK small businesses, who will use this funding to grow, create jobs and invest in their communities. I'm proud such a diverse range of investors see our technology and distribution platform as an effective way to deploy capital into the real economy."

Fernando Guerrero, Managing Partner and CIO at Varadero, said:

"Varadero is pleased to broaden our collaboration with Funding Circle to support SME lending in the UK. We have been impressed by Funding Circle's operations and technology and look forward to continuing our work together. Varadero has a successful history and track record of supporting specialty finance companies in the U.S. and Europe to access efficient funding, making them competitive in their respective markets. This transaction represents another milestone in the development of our European franchise."

ENDS

For more information

[e-mail]

Nicole Gregory: Senior Communications & Policy Manager: 07715997709

Jack Pritchett: Communications & Policy Manager : 07522 237268

About Funding Circle

Funding Circle is the UK's largest loan platform for SMEs. Founded in 2010, its market-leading and unparalleled instant decision lending technology enables small businesses to apply for finance in an average of six minutes, with lending decisions in as little as nine seconds. A wide range of investors are utilising this technology and distribution platform to lend c. GBP14 billion to approximately 120,000 businesses globally. This is providing small businesses with the fast and simple access finance they need to grow and power the economy. In 2021, lending through Funding Circle's UK platform is estimated to have contributed GBP7.2bn to GDP and supported 100,000 jobs.

About Varadero

Varadero Capital, L.P. ("Varadero") is a $2bn value driven alternative credit manager focused on investing in asset-based specialty finance and structured credit opportunities. Since its inception in 2009, Varadero has deployed approximately $13 bn in capital, navigating diverse credit markets and cycles while generating a track record marked by capital preservation and substantial upside capture. Varadero targets differentiated investment opportunities in diverse asset classes including commercial real estate, residential real estate, commercial finance, consumer finance and corporate credit. Based in New York with an office in London, Varadero is minority owned and a PRI signatory.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word "Reach" in the source column of the News Explorer pages of London Stock Exchange's website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRAURRKRUWUNORR

(END) Dow Jones Newswires

June 30, 2022 05:15 ET (09:15 GMT)