Fintech
iBusiness Funding acquires Funding Circle’s US operations
June 26, 2024
Written by FinTech Alliance
iBusiness Funding, a Florida-based provider of lending software and services, has bought Funding Circle’s US operations for £33m.
This acquisition includes Funding Circle’s entire loan portfolio and will see iBusiness Funding continue operations under the Ready Capital Corporation brand, focusing on SBA loans. This move comes as Funding Circle shifts focus from the US market due to high operating costs and significant losses.