Pitney Bowes and Funding Circle Launch Innovative Partnership to Support Small Business Lending
March 22 2022 - 8:00AM
Business Wire
This unique partnership expands Main Street
owners’ access to much-needed affordable capital
Pitney Bowes Inc. (NYSE: PBI), a global shipping and mailing
company that provides technology, logistics, and financial
services, today announced it has partnered with Funding Circle
(LSE: FCH), a leading online small business lending platform, to
provide loans to their small business customers.
Powered by Funding Circle’s world class machine learning and
technology platform, Pitney Bowes will offer small business term
loans to their customers, who will benefit from Funding Circle’s
streamlined online application and loan origination process with
market competitive rates. With these capabilities, customers will
be able to get access to critical funds in as little as 48
hours.
This pilot program aims to advance the lending experience for
Pitney Bowes small business customers at a time when many small
businesses are increasingly looking for growth capital. Seven in
ten business owners (72%) have said they feel they will need
financing this year, according to Funding Circle’s 2021 Small
Business Surveyi.
“America’s 32.5 million small businesses are the driving force
behind our economy, but the number of small business loans approved
by large banks has halved in just two years,” said Christopher
Johnson, Senior Vice President and President, Pitney Bowes
Financial Services. “Our partnership with Funding Circle will help
business owners on Main Street get the working capital they
desperately need to grow their business. In addition, it positions
Pitney Bowes for long-term growth, as we create new value for our
clients with new offerings.”
“We share a common mission with Pitney Bowes to break down
barriers and help make access to finance easier for all SMBs,” said
Vipul Chhabra, Managing Director of Funding Circle US. “This
lending as a service partnership showcases the strength of our
machine learning and tech platform to help customers access funding
in a simple and seamless way. More than one third of business
owners see an opportunity to grow the size of their business this
year; yet, many remain hindered by a lack of access to capital to
do so. We are committed to helping these businesses to unlock the
finance they need to grow and power the economic recovery.”
The announcement is the latest in a series of strategic Pitney
Bowes investments and services which will expedite SMBs’ access to
capital and improve their lending experience.
About Pitney Bowes Pitney Bowes (NYSE:PBI) is a global
shipping and mailing company that provides technology, logistics,
and financial services to more than 90 percent of the Fortune 500.
Small business, retail, enterprise, and government clients around
the world rely on Pitney Bowes to remove the complexity of sending
mail and parcels. For the latest news, corporate announcements and
financial results visit
https://www.pitneybowes.com/us/newsroom.html. For additional
information visit Pitney Bowes at www.pitneybowes.com.
The Pitney Bowes Bank, Inc. (the Bank) is a subsidiary of Pitney
Bowes Global Financial Services, LLC, which in turn is a subsidiary
of Pitney Bowes Inc. The Bank is an FDIC insured Utah Industrial
Bank located in Salt Lake City, Utah for over 23 years. The Bank
has a nationwide lending and deposit footprint.
About Funding Circle Funding Circle (LSE: FCH) is a small
and medium enterprise (“SME”) loans platform. Since launching in
2010, investors and lenders across Funding Circle's geographies -
including retail investors, banks, specialty finance companies,
asset management companies, insurance companies, government-backed
entities and funds - have lent approximately £13 billion to
c.120,000 businesses globally.
iThe Funding Circle 2021 Small Business Survey was conducted
through The Bliss Group’s Speed Data platform, powered by 1Q, a
survey application that polls mobile audiences in real time. The
survey includes responses from 1,000 U.S. business owners, who
completed the questionnaire on October 26, 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220322005427/en/
John Spadafora Pitney Bowes M +1 518 708 3466
john.spadafora@pb.com
David de Koning 212-840-1661 pr@fundingcircle.com
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