Funding Circle USA is acquired by iBusiness Funding for $40.6M, exiting the US market.
Funding Circle USA has agreed to be acquired by iBusiness Funding, a division of Ready Capital Corporation, for £33m ($40.6m). The deal includes all loan portfolios and will see Funding Circle exit the US market to focus on profitable growth in the UK. iBusiness Funding specialises in Small Business Administration (SBA) lending and has processed over $6bn in SBA loans to date. The transaction is expected to close by the end of June.
June 24, 2024
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