The Portuguese online bank Banco BNI Europa and Funding Circle have entered into a strategic partnership to support the growth of small and medium-sized businesses in Germany.
Investment will support the funding needs of c. 600 companies and thereby help to create c. 1,500 new jobs
According to Pedro Pinto Coelho, Executive Chairman of Banco BNI Europa, “an investment in German SME - the staple of European economic stability - is a highly attractive asset class. And Funding Circle is the professional partner that convinced us with their risk assessment and credit analysis. A perfect match: both Banco BNI Europa and Funding Circle have proven that they are able to stimulate local economies through technological and financial innovation”.
Thorsten Seeger, Managing Director Germany of Funding Circle: „The partnership with Banco BNI Europa is an important signal for German SMEs - and a further step to establish up to date funding solutions for businesses. The investment of a renowned institutional partner such as Banco BNI Europa is a stamp of approval of our online lending platform model and our mission to facilitate access to finance for small businesses and reduce their dependency on an outdated banking system. Besides delivering attractive returns to investors, we also measure our success through our immediate contribution to stimulating the local economy."
As part of the agreement, Banco BNI Europa will provide EUR 50 million funding to finance small business loans in Germany over the coming months. This is Banco BNI Europa’s largest commitment to German small businesses to date. The investment will provide access to finance for c. 600 companies and thereby help to create c. 1,500 new jobs. The long term goal is to extend the partnership to other countries where FC is active.