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Funding Circle signs new £700m forward flow deal with Waterfall
(Sharecast News) - SME finance platform Funding Circle has announced a £700m deal with Waterfall Asset Management to provide funding for its shorter-term loan product. Waterfall will be providing the £700m in a so-called "forward flow commitment" over two years, with senior financing from Citi, alongside purchasing a £120m existing loan portfolio.
Funding Circle said that the deal, which moves it from balance sheet to institutional funding, aligns with its strategy to "test and iterate new propositions on balance sheet, before scaling them with partners once the R&D phase is complete".
Waterfall last year passed the £3bn milestone in total lending through Funding Circle since it partnered with the platform in 2018.
"Expanding partnerships is a powerful endorsement of our credit underwriting, and capital markets expertise, and we are proud to once again build on that with this transaction," said Funding Circle's chief capital officer Dipesh Mehta.
"Waterfall has been a consistent supporter of our platform, and this transaction with Citibank is a result of our shared commitment to finding innovative ways to optimise credit. This significant forward flow deal ensures we can continue to provide UK small businesses with the fast, flexible funding they need to win."
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