26 June 2024

iBusiness Funding Acquires Funding Circle's US Business

Written By FinTech Alliance in FinTech

iBusiness Funding Acquires Funding Circle's US Business

iBusiness Funding, a Florida-based software and lending service provider, has purchased Funding Circle’s US business for £33 million. 

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 away from the US market due to high operational costs and significant losses.

Read more here

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