INTRUST Bank and Funding Circle expand partnership to support more US small businesses
SAN FRANCISCO, June 26, 2018 /PRNewswire/ -- Funding Circle, the small business loans platform, and INTRUST Bank, a leading US regional bank headquartered in Kansas, today announced the next phase of their strategic partnership to support the growth of US small businesses. Following the successful launch of this partnership earlier this year, the second phase increases INTRUST's funding commitment and kicks off a targeted, co-branded marketing campaign, giving business owners across Kansas, Missouri, Oklahoma, and Arkansas greater access to fast and flexible financing.
To date, over 150 American small businesses have received loans backed by INTRUST through the Funding Circle platform. The upsized commitment is anticipated to increase this number above 500. In addition, INTRUST and Funding Circle's collaborative marketing program will open new financing opportunities for growing businesses within the bank's geographic footprint.
"For more than 140 years, INTRUST has continuously sought ways to give our customers greater opportunities to succeed, and our growing partnership with Funding Circle is the latest step in that commitment," said Brian Heinrichs, chief financial officer, INTRUST Bank. "This collaboration is a good example of the ways traditional and innovative financial service providers can work together to help small businesses prosper."
"We are thrilled that INTRUST Bank has chosen to implement the next phase of our partnership," said Bernardo Martinez, US managing director, Funding Circle. "Not only has INTRUST recognized the investment opportunity available through the Funding Circle platform, but this expansion underscores that Funding Circle's loans are often the best option on the market for American business owners seeking growth capital. We view our partnership with INTRUST as a blueprint for the remaining geographies within the US."
Launched in 2010, the Funding Circle model has opened up small business lending to a wide range of investors, including more than 70,000 retail investors, financial institutions, asset management companies, government-backed entities and funds across Funding Circle's geographies. Through its platform, Funding Circle is contributing to the growth of the small business lending market and expanding access to financing at competitive and transparent pricing. A recent analysis by Oxford Economics found that lending through Funding Circle's platform enabled 75,000 jobs in the US and Europe in 2017*.
About Funding Circle
Funding Circle (www.fundingcircle.com) is the leading small business loans platform in the UK, US, Germany and the Netherlands, matching small businesses who want to borrow with investors who want to lend. Since launching in 2010, investors at Funding Circle – including more than 70,000 retail investors, banks, asset management companies, insurance companies, government-backed entities and funds – have lent more than £4.5 billion to 45,000 businesses. It has raised £250 million in equity capital from the same investors that backed Facebook, Twitter and Airbnb.
About INTRUST Bank
INTRUST Bank provides a full range of personal and business banking products, including commercial and consumer lending, international banking, treasury management, and investment services. With assets of $5 billion and 800+ employees, INTRUST operates 46 locations in Kansas, Oklahoma, and Arkansas.
*The Economic Impact of Lending Through Funding Circle. Research commissioned by Funding Circle from Oxford Economics, June 2018. http://www.fundingcircle.com/us/impact
SOURCE Funding Circle
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