Funding Circle secures £750m renewal with Waterfall

SME finance platform Funding Circle has announced the renewal of its long-standing partnership with Waterfall Asset Management and BNP Paribas, securing a further £750 million in forward funding.

The new facility builds on a relationship that began in 2018 and brings Waterfall’s total lending through Funding Circle to more than £3 billion. The milestone underscores the growing role of institutional investors in supporting small businesses through Funding Circle’s platform, across both commercial and government-backed programmes.

The announcement follows Funding Circle’s half-year results, which reported £1.1 billion in new lending to UK businesses during the first half of 2025, alongside continued profitable growth. Since its launch in 2010, the platform has provided around £16 billion in financing to more than 110,000 SMEs. As of 30 June 2025, Funding Circle had approximately £1.6 billion in forward funding in place from institutional partners, with the latest £750 million renewal adding significant capacity for future lending.

Dipesh Mehta, Chief Capital Officer at Funding Circle, said: “We are delighted to continue our long-standing partnership with Waterfall Asset Management and BNP Paribas.

“This renewed commitment is a testament to the quality of our platform and our shared mission to provide vital funding to the UK’s small businesses. With this facility, we can continue to be a crucial source of finance, helping the backbone of the UK economy grow and succeed.”

James Cuby, Head of Europe at Waterfall Asset Management, added: “This segment has long been underserved by traditional lenders and we have been impressed by Funding Circle’s track record and expertise in enabling investors to access this asset class and ultimately support borrowers with much needed access to finance.”

Ghanem Al-Araj, Managing Director, Securitised Products Group at BNP Paribas, said: “We’re very proud to continue our established partnership with Funding Circle and Waterfall Asset Management. This transaction demonstrates our ongoing commitment to enabling Funding Circle to deliver vital funding solutions to UK SMEs that drive growth and fuel the UK economy.”