iBusiness Funding Acquires Funding Circle for $41.8 Million, Will Return SBLC License

June 25, 2024

Delaney Sexton
Contributing Editor

iBusiness Funding Acquires Funding Circle for $41.8 Million, Will Return SBLC License

Founder and CEO of iBusiness Funding LLC Justin Levy expresses his enthusiasm, saying, “We are thrilled to welcome the exceptional FC USA team to the iBusiness family. FC USA’s mission to be the largest SBA lender for loans under $500,000 aligns with our goal to support underserved borrowers, the only difference is iBusiness achieves this goal through many SBA-approved lenders in our network.” 

Funding Circle agreed to sell its US operations to iBusiness Funding for 33 million British Pounds, which currently converts to over $41.8 million. The sale includes all loan portfolios, comprising a gain of GPB 10 million. The acquisition is expected to close by the end of the month.

The SBLC license that was previously granted to Funding Circle will be voluntarily returned to the SBA.

Jeanne Shaheen, the Chair of the Senate Committee on Small Business and Entrepreneurship, comments on the recent news: “I am relieved to learn that Funding Circle has returned its license to SBA. As the Chair of the Senate Small Business and Entrepreneurship Committee, I am fully committed to protecting the integrity of SBA’s 7(a) loan program and look forward to working with the administration to ensure that only qualified entities are granted the authority to participate going forward.”

Sources:
Acquisition Press Release
The Independent Article
Senate Committee Press Release