U.K. lender Funding Circle will be acquired for £33m ($42m), which marks a retreat from the U.S. market for one of the oldest fintech companies out there. This exit has also become ammo for lawmakers pushing for more stringency about which lenders get to participate in the Small Business Administration's loan program.
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iBusiness Funding enters definitive agreement to acquire Funding Circle USA and return Funding Circle's newly acquired SBLC license to the SBA
Funding Circle CEO Lisa Jacobs said, "We are pleased to have reached an agreement with iBusiness Funding, one of the leading processors of loans to US small businesses. In iBusiness, we have found a partner that shares in our mission, and we look forward to seeing the success of the combined entity."
