STAMFORD, Conn.–(BUSINESS WIRE)–Pitney Bowes Inc.. (NYSE: PBI), a global shipping and courier company that provides technology, logistics and financial services, today announced its partnership with Funding Circle (LSE: FCH), a leading online small business lending platform, to provide loans to their small business customers.
Leveraging Funding Circle’s world-class technology and machine learning platform, Pitney Bowes will offer small business term loans to their customers, who will benefit from the simplified online application and loan origination process. from Funding Circle with market competitive rates. With these features, clients will be able to access critical funds in as little as 48 hours.
This pilot program aims to improve 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 (72%) business owners said they thought they needed financing this year, according to Funding Circle’s 2021 Small Business Survey.I.
“America’s 32.5 million small businesses drive our economy, but the number of small business loans approved by big banks has halved in just two years,” said Christopher Johnson, senior vice president and President of Pitney Bowes Financial Services. “Our partnership with Funding Circle will help Main Street business owners get the working capital they desperately need to grow their businesses. Additionally, it positions Pitney Bowes for long-term growth as we create new value for our customers with new offerings.
“We share a common mission with Pitney Bowes to break down barriers and help make financing easier for all SMEs,” said Vipul Chhabra, managing director of Funding Circle US. “This ready as a service This partnership showcases the strength of our machine learning and technology platform to help clients access finance in a simple and seamless way. More than a third of business owners see an opportunity to increase the size of their business this year; yet many remain hampered by a lack of access to capital to do so. We are committed to helping these businesses unlock the financing they need to grow and fuel economic recovery. »
This announcement is the latest in a series of strategic announcements Pitney Bowes Investments and services that will accelerate SMEs’ access to capital and improve their lending experience.
About Pitney Bowes
Pitney Bowes (NYSE: PBI) is a global shipping and courier company that provides technology, logistics and financial services to more than 90% of Fortune 500 companies. Customers in small businesses, retail, businesses and governments around the world trust Pitney Bowes. to remove the complexity of sending mail and parcels. For the latest news, company announcements and financial results, visit https://www.pitneybowes.com/us/newsroom.html. For more information, visit Pitney Bowes at www.pitneybowes.com.
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 loan and deposit footprint.
About the Funding Circle
Funding Circle (LSE: FCH) is a lending platform for small and medium-sized enterprises (“SMEs”). Since its launch in 2010, Funding Circle investors and lenders from all geographies – including retail investors, banks, specialty finance firms, asset management firms, insurance companies, government-backed entities and funds – have lent around £13 billion to around 120,000 businesses around the world.
IThe Funding Circle 2021 Small Business Survey was conducted through The Bliss Group’s Speed Data platform, powered by 1Q, a survey app 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.