iBusiness Funding, LLC to acquire Funding Circle USA (FC USA), Inc. and return SBLC license to the SBA
Acquiring Company
iBusiness Funding
Acquired Company
Funding Cycle
Fort LauderdaleDenverFinancial ServicesFinanceFintechLendingFinancial ServicesDescription
iBusiness Funding, LLC, a division of Ready Capital Corporation, has entered into a share purchase agreement to acquire Funding Circle USA (FC USA), Inc. The acquisition is contingent on the return of FC USA's Small Business Lending Company (SBLC) license to the SBA. This strategic move aligns with iBusiness' goal of supporting underserved borrowers and allows the combined entity to deliver a best-in-class partner experience by leveraging FC USA's capabilities.
Quick answer
iBusiness Funding is acquiring Funding Cycle, announced June 24, 2024. iBusiness Funding is based in Fort Lauderdale, Florida, United States.
- How much did iBusiness Funding pay for Funding Cycle?
- The deal value was not disclosed.
- What does iBusiness Funding do?
- iBusiness Funding is a leading provider of lending solutions for banks and lenders of all sizes with a specialization in SBA lending.
- Where are iBusiness Funding and Funding Cycle based?
- iBusiness Funding is based in Fort Lauderdale, Florida, United States. Funding Cycle is based in Denver, Colorado, United States.
- Who are the decision-makers at iBusiness Funding?
- Fundz holds 1 contact at iBusiness Funding. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
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Who to call at iBusiness Funding, and when
When iBusiness Funding changes hands, the new owners review vendors, systems and leadership. That is when the door opens.
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Related People
Frequently asked
Who acquired Funding Cycle?
Funding Cycle was acquired by iBusiness Funding, based in Fort Lauderdale. The deal was reported on June 24, 2024. iBusiness Funding is a leading provider of lending solutions for banks and lenders of all sizes with a specialization in SBA lending. iBusiness Funding is privately held and operates in Financial Services.
When did iBusiness Funding acquire Funding Cycle?
iBusiness Funding's acquisition of Funding Cycle was reported on June 24, 2024. iBusiness Funding, LLC, a division of Ready Capital Corporation, has entered into a share purchase agreement to acquire Funding Circle USA (FC USA), Inc. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Funding Cycle do?
Funding Circle (LSE: FCH) is a lending platform for small business borrowers. Established in the UK in 2010, and now the leading lending platform to SMEs, the Group also has a material and growing presence in the US. It is privately held, operating in Financial Services, and is based in Denver.
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