Bank partnerships take many forms and there many examples today of win-win relationships between banks and fintechs. Earlier this year Funding Circle US announced a partnership with INTRUST Bank, a US regional bank with headquarters in Kansas. Today, Funding Circle shared that the partnership had expanded.
The next phase of the partnership increases INTRUST’s funding commitment and also marks the launch of a co-branded marketing campaign. So far 150 small businesses have received loans from Funding Circle which were funded by INTRUST. With the expanded partnership they expect this number to increase to 500 business owners across Kansas, Missouri, Oklahoma, and Arkansas.
Bernardo Martinez, US Managing director at Funding Circle provided the below prepared statement in the press release:
We are thrilled that INTRUST Bank has chosen to implement the next phase of our partnership. Not only has INTRUST recognized the investment opportunity available through the Funding Circle platform, but this expansion underscores that Funding Circle’s loans are often the best option on the market for American business owners seeking growth capital. We view our partnership with INTRUST as a blueprint for the remaining geographies within the US.
We often read about these types of bank partnerships, but it is rare that we get updates on how they are progressing. In just six months this partnership has resulted in 150 businesses accessing affordable access to credit. These businesses may have never become aware of the options with Funding Circle if it wasn’t for this partnership which demonstrates the true power of these types of relationships.