Funding Circle, a platform for small business loans, has unveiled an embedded finance solution, with partners Funding Options and Capitalise.com the first to integrate with the new API.
The API enables its partners to natively embed Funding Circle into their website and offer Funding Circle loans of up to £500,000 to small businesses.
The embedded finance solution is powered by Funding Circle’s machine learning and ‘instant decision’ technology, that means customers can “apply within minutes, receive a decision in seconds and have money in their account within 24 hours”.
Funding Options, a data-driven marketplace for business finance, and London-headquartered Capitalise.com, a platform for accounting firms, are the first partners to use this new capability, with further partnerships expected to come over the next 12 months, Funding Circle confirmed.
Lisa Jacobs, CEO designate of Funding Circle, said: “We started Funding Circle to deliver easy, fast and flexible funding solutions to small businesses and we are constantly innovating and developing our technology to meet their evolving needs.
“Our new embedded finance solution enables partners like Funding Options and Capitalise to harness our technology and deliver a seamless way for their customers to access easy, fast and flexible finance.”
The global market for API-driven embedded finance is predicted to exceed $138 billion by 2026, according to a 2021 study by Juniper Research.
Funding Circle was founded in 2010 and operates in the UK and US. In September, it launched a ‘buy now, pay later’ payments facility for small businesses, called FlexiPay.